How Effective Competition Can Improve Value For Money In Public Procurement

The authors of “competition in public procurement”, published by the UK National Audit Office will present their recent report and recommendations which are equally relevant for buyers and sellers across the public and private sectors. UK government spends over £250 billion every year on the procurement of goods and services. It is a broadly agreed principle that competition can help support efficiency, innovation and quality in public services, yet the government has not defined effective competition. When competition is lacking or ineffective, other safeguards are required, or value for money can be reduced through higher prices, inefficiencies and poorer outcomes. The new Procurement Act will be rolled out in 2024, and is underpinned by illustrative scenarios that suggest increased competition could deliver savings of £4 billion to £7.7 billion per year. This webinar points the way to achieving these benefits under the new legislation.