For every £1 spent by local authorities on procuring goods and services from local firms, 51p is generated in additional benefit for local economies, according to new research from the Federation of Small Businesses (FSB). The Local Procurement, making the most of small businesses, one year on report found that small local firms generated ￡746m more for the local economy than large local businesses. The report calls on local authorities to use procurement to help boost the local economy. It said that if local authorities increased their spend with local firms by 5% and small firms by 3%, this would increase re-spending in the local economy by over £788m.
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