UK SMEs received £21 billion of government contracts in the fiscal year 2021/22, translating to an average of approximately £3,800 for every British small business.
New Cabinet Office figures revealed UK small businesses acquired £21 billion worth of government work during the fiscal year 2021/22 – which can be seen as a testament to the government’s commitment to supporting and empowering SMEs.
The sum is an increase of £1.7 billion from the previous year, marking the sixth consecutive year that small businesses have seen an upsurge in government contracts.
Cabinet Office Minister, Jeremy Quin claimed the figures showed the government’s dedication to fostering an inclusive market that supports SME participation. He noted the impact of lowering entry barriers, ensuring more small companies partake in public sector spending, thus generating wider economic benefits.