Social Value and Wellbeing Act 2024

The reforms will shake up and improve our outdated procurement system, so that every procurement pound spent, gives greater social value for money for our public services. Public procurement will change forever when the Procurement Act 2023, with its Social Value and Wellbeing principles, becomes mandatory law in October 2024.

As most businesses are within a supply chain involving public bodies, or large private organisations, we all need to understand and adapt to these procurement law changes. However far removed you might think you are; business will always be an eco-system of interconnected supply chains.

Does your company currently tender for Local Authority / government contracts? Are you looking to expand into this arena or form part of a supply chain?  If so, these Acts will particularly affect your company.The 'Public Procurement 2023 Act,' will transform the government's procurement process, by levelling-up the business playing field, in giving all Social Value Ready SMEs access to tender for £100 billion of government contracts.

THE BIGGEST CHANGE OF ALL… is that the decision-making criteria for awarding contracts is no longer driven solely by price, nor quality, nor history, nor personal relationships. No longer does the ‘Most Economically Advantageous Tender’ win, but the ‘Most Advantageous Tender’.  The government now requires its procurement officials to ‘explicitly evaluate social value and wellbeing in all contract bids’.

By the end of the talk, you will:

• Have a clear understanding of the impact that social value and wellbeing, and the new Public Procurement Act will have on your business, and the UK and global business landscape.
• Appreciate potential opportunities, and risks, to your business's health and growth.
• Understand the 8 key areas a company will be judged upon in terms of a Social Value Policy and embedded Social Value Strategy.

Attendees will be entitled to free membership of the SVRE SME Business Hub for social value guidance, support and governmental framework updates, along with possible collaborations with other SVRE SMEs to bid for contracts. 

Attendees will also be entitled to take the free SVRE Ready self-assessment giving you a complimentary one hour 1-to-1 consultation to explore your results.