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<p>Public spending is prioritised through the Spending Review process and established
in departmental business plans. <em>Managing Public Money </em>provides guidance on
the management and best use of public funds, a key requirement of which is achieving
value for money.</p><p>The Treasury (HMT) works in partnership with key stakeholders
to ensure that its procurement activity delivers value for money for the taxpayer,
is compliant with its legal obligations and supports the delivery of policy objectives.
Contracts are awarded to suppliers submitting the most economically advantageous tender
demonstrating the delivery of value for money.</p><p>HMT is contributing to the Government’s
aim to spend £1 in every £3 with Small and Medium Enterprises (SMEs), directly or
through the supply chain, by 2022. Since SMEs make up a significant part of the UK
economy, supporting their growth aligns to HMT’s responsibility for ensuring the economy
grows sustainably.</p>
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