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Public procurement improvements 'vital to cutting deficit'
Improving the standard of public procurement policies could be a vital part of government efforts to steady the UK economy, according to a study.
Research by Henley Business School at the University of Reading has suggested that a third of the UK's current structural deficit - the equivalent of £38 billion - could be eliminated by changing how public sector bodies purchase goods and services.
This could be accomplished via measures such as renegotiating contracts, extracting concessions and conducting efficiency data analysis, with the overall result of easing pressure to make cutbacks.
Moreover, authors Jon Hughes of Future Purchasing and Professor Marc Day of Henley Business School noted that this would also improve public service delivery, providing long-term economic benefits.
Professor Day said: "The transformation of procurement as a discipline is long overdue, with the capacity to play a central role in reducing the UK's deficit and rebalancing its economy."
This comes after a European parliamentary discussion last week endorsed the introduction of a public procurement passport to simplify purchasing regulations across the continent.
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Categories: Central Government