One thing is clear, the opportunities within the public sector marketplace just keep on coming.
The UK government is issuing contract notices relevant to companies of all sizes and the latest spending review revealed several projects within the tech, healthcare and construction marketplaces.
What is the Spending Review?
The Spending Review determines how much is spent on public services, it was delivered by Chancellor Rishi Sunak on 25 November 2020..
The last review promised to prioritise “funding to support the government’s response to Covid-19, invest in the UK’s recovery and deliver on promises to the British people.”
It covered the following 12 months and allocated “£3 billion to support NHS recovery, allowing them to carry out up to a million checks, scans and operations.”
Since the last Spending Review the government’s budget has been announced. During the Budget 2021, Mr Sunak announced that the Economy forecast to rebound in 2021, with predicted annual growth of 4% this year and will return to pre-Covid levels by middle of 2022, with growth of 7.3% next year.
Infrastructure boost
UK Infrastructure pre-pandemic was gearing up for what was heralded as the ‘infrastructure revolution’ with the March Budget labelled the ‘Construction’ budget.
Nearly a year on, a new infrastructure bank which will be headquartered in the north of England is to be created and the government have committed to several infrastructure projects, including the build of new hospitals.
Although this was announced during the spending review, this move by the government was expected. Prime Minister, Boris Johnson, announced that 40 hospitals will be built by 2030 as part of a package worth £3.7 billion during an announcement in the summer of 2020.
Business intelligence provider Tracker responded to the news stating:
“This is excellent news for suppliers as investment in hospital infrastructure does not end once a hospital is built. In fact, it is the complete opposite as it will typically create numerous spin-off opportunities for products and services required to support staff, patients, and the overall upkeep and maintenance of the building concerned. Any healthcare supplier wishing to access these opportunities must keep on top of tracking this investment.”
It is estimated that infrastructure spend will total £100bn in 2021.
Digital transformation in the public sector
What is clear from Mr Sunak’s recent spending plans is that digital transformation in the public sector is a major priority for the UK government.
The Chancellor’s Spending Review confirmed more than £50 billion for health and care services in 2020/21 in direct response to the coronavirus. In response to this historic, multi-year commitment to the NHS. Mr Sunak said:
“Next year, the core health budget will grow by £6.6 billion, allowing us to deliver 50,000 more nurses and 50 million more general practice appointments.”
This allocation of funds will be spent on NHS Test and Trace, mass screening, vaccine procurement, personal protective equipment (PPE), use of independent sector resource and infection control measures.
Given the current climate, healthcare has been on the core areas for the government to focus their digital transformation efforts into, however it is expected that the government will roll out best practice in digital across sectors in coming years.
How to tap into the market?
As you can see from the figures above, the public sector is very much open for business.
The Cadence service specialises in connecting buyers and suppliers through targeted and engaging marketing solutions, underpinned by powerful influencer and decision-maker contact databases. This enables our users to maintain and grow their pipeline in a market where opportunities are huge.
Arrange a meeting with a member of our team today to learn more about early engagement and how it can boost your business opportunities.
