The UK Government has announced an increase in the amount of money it spends with small businesses, and the news has been widely welcomed by politicians and business leaders. In 2018/19 the figure was £14.2 billion, an increase of nearly £2 billion on the previous year. It’s the highest level since records began in 2013.
With late payments a key issue for small business owners at the moment, it will also come as welcome news that the latest data also shows Cabinet Office pays 99% of its bills within 30 days
Discussing the news, Cabinet Office Minister, Oliver Dowden, said, “we’re committed to using the power of government spending to support small businesses across the country and this is something I’ve championed in my time as a Minister – so it’s great to see these figures heading in the right direction.”
Mike Cherry, the National Chairman of the Federation of Small Businesses, was one of the business leaders to welcome the news, commenting “making better use of small businesses in government procurement is good for public services, good for the economy and good for taxpayers. The Cabinet Office is showing real leadership to drive further progress on this issue and it is good to see this progress begin to be reflected in today’s figures.”