Many parts of the UK economy have experienced a post-Brexit slowdown, with consumers and companies experiencing a level of uncertainty. However, interestingly enough, there has been a high value of contracts published over the past six weeks, showing strong public sector spending and an increase in buyers’ confidence.
We take a look at contract notices, awards and spending over the past couple of months in the UK:
- In late July £25.2 billion worth of contract notices were published
- At the start of August this increased to £26.3 billion
- 46 tenders with a contract value over £100 million were released
- The largest sector by contract value was construction materials
- SMEs accounted for 54% of the suppliers doing business with the public sector
- The region awarded the largest volume of contracts was the South East.
There were certainly less contract notices released around the time of the Brexit decision as many authorities waited to hear the outcome. Naturally the contracts and tenders being issued are back on the rise as it is business as usual for many companies in the UK until measures to leave the EU are officially in place. Although there has been a slowdown in terms of hiring and major purchases, it is vital for firms to continue bidding for public sector contracts to sustain their businesses longer-term and help growth in the economy.
EU Procurement Process
The EU procurement processes are very much still in place, with little speculation as to how this could change in future once the UK has left the European Union. A bidding process will always need to exist in order to select the most economically advantageous tender (MEAT), and this method is unlikely to change. Local authorities in the UK are used to high-quality bids, but also to organisations focusing on added value, social value and community benefits – all aspects which have become prevalent in recent months and are ‘hot topics’ in tender submissions across various industries.
If you are an experienced bidder, or just stepping into tendering for contracts, post-Brexit is a time to utilise the surge in contract opportunities and capitalise on the billions of pounds’ worth of contracts awarded every week in the UK.
Bid Writing Support
If you feel your company could benefit from additional bid writing support, our team of expert bid writers are on hand to assist at any stage of the bidding process. Our services span from full bid management to a review of your completed submission, in order to offer the exact level of support you require. Contact us today on 0800 612 5563 or email info@executivecompass.co.uk