20 February 2024Rules governing public procurement are changing with the new Procurement Act 2023, which was given royal assent on 26 October 2023. Procurement rules regulate public authority purchases of supplies, services and public works from the private sector. This new act will improve the procurement process and ensure value for money. It will better tailor the procurement framework to the country’s needs, and make procurement simpler, quicker, more transparent and less bureaucratic.
The new regime is expected to go live in October 2024, following a notice period of a minimum six months, and will bring a range of benefits to the public sector, including:
- A simpler and more flexible commercial system
- Public procurement opened up to new entrants, such as small businesses and social enterprises
- Tougher action on underperforming suppliers and exclusion of suppliers who pose unacceptable risks
- Transparency embedded throughout the commercial lifecycle to enable proper scrutiny of taxpayers’ money
Click here for further information on the government’s Transforming Public Procurement programme
Click here to access short guides explaining key benefits of the Procurement Act 2023
