A proposed piece of British legislation may improve access for small enterprises to the vast government procurement fund.
Small- to medium-sized companies (SMBs) will find it simpler to get more of the $366 billion in yearly government spending on products and services thanks to the Procurement Bill.
Minister for the Cabinet Office Jeremy Quin stated in a government press release on Monday that “we are simplifying, making public sector procurement more transparent, and making it easier to navigate.” “This Bill will take use of the opportunity provided by Brexit to rip up antiquated regulations, expand possibilities for smaller businesses, and provide greater value for the public money.”
Additionally, the measure will give the government more power to bar vendors who have performed poorly on government projects and those who are “engaged in modern slavery, further cracking down on this reprehensible practice.”
According to a story published on Monday by the British daily The Guardian, the opposition Labor Party wants the government to close a number of the bill’s flaws. One party member even referred to the legislation as a “charter for cronies.”
The law is being passed as SMBs in the UK deal with significant difficulties. In the third quarter of 2022, the Financial Times discovered that just around half of applications for small company loans in the U.K. were approved, as was mentioned late last month.
