The project is currently in the third of three phases. The first
phase established baseline data for the project. The analysis
showed that during this period the City of London spent £145
million on goods and services and that 22% of this was spent in the
project’s target boroughs. A further 9% was spent in the City
itself.
The current and second phase is focused on increasing the amount
the City of London spends locally. There are a number of ways the
project is attempting to influence the value of money spent in the
target boroughs.
Briefly, this comprises
- Holding small and medium-sized enterprise (SME) events to
encourage dialogue and understanding
- By working with other London boroughs and related organisations
to extend knowledge of the project to the local supply chain
- Trialling Community Benefit Clauses in planning and
contracts
- Supply chain activities
- Changing internal policy and procedural documents to ensure
that local SMEs are invited to tender on all quotes and
tenders.
In addition to increasing its own local procurement spend the
City of London’s project will also be exploring ways in which the
City of London can use its influence to encourage local procurement
by City firms.
This is the third phase which will begin once local procurement
has been implemented in the City of London and the local
procurement project team is confident that project findings have
been maximised.
The City is a powerful driver of economic activity and could
contribute a significant impact to the renewal of neighbouring
boroughs. The City of London is committed to using its influence to
promote corporate community involvement and encourage City firms to
support communities in neighbouring boroughs. It is envisaged that
the local procurement project will work closely with the
Economic Development Office to establish links with City firms
and encourage adoption of local procurement as part of Corporate
Responsibility agendas.