On Monday 7 February 2022, the Finance Minister announced changes to the government’s procurement policy to help social enterprises thrive.
According to Employers For Childcare, from June 2022, under a new Procurement Policy Note, public sector tenders must include a minimum of 10% to their social value, and it will increase to 20% from June 2023 subject to review and approval by the Executive. This will apply to service contracts valued above £123,000 and construction contracts valued above £4.7million.
Not only will it increase value from a financial standpoint, but the change also requires the government to remove unnecessary barriers to community groups and social enterprises in terms of bidding for contracts.
Edit by SOCIAL INNOVATION INSIGHT
For any social innovation, social business, innovation, social analysis press release, or advertising cooperation, please email to firstname.lastname@example.org.