New SME spending targets for government departments
The UK government has announced a significant step forward in its support for small and medium-sized enterprises (SMEs), announcing for the first time spending targets across government departments on the amount they will spend on SMEs. These targets are designed to ensure more public sector contracts are awarded to SMEs, helping to channel more funding, jobs, and opportunities into local communities.
Under the new initiative, small businesses across the country are expected to benefit from more than £7.4 billion of Government money a year by 2028. By increasing SME participation in public procurement, the government aims to strengthen local economies and create a more inclusive and dynamic business environment.
The targets form a central part of the government’s broader Plan for Small Business, which focuses on driving economic growth, cutting the cost of living, and boosting local businesses and communities.
Alongside the announcement, the Government Targets and Action Plans have been published on gov.uk.
