The Spending Review 2020 speech was delivered by Chancellor Rishi Sunak on 25 November 2020.
The Spending Review covered the coming 12 months and allocated “£3 billion to support NHS recovery, allowing them to carry out up to a million checks, scans and operations.”
Mr Sunak promised to deliver on the priorities of the British people and noted during his speech that the 2020 Spending Review honours the government’s historic, multi-year commitment to the NHS. He 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.”
A boost for healthcare infrastructure
The Chancellor of the Exchequer, Rishi Sunak MP committed to providing new hospitals when revealing his spending plans.
This was unsurprising as the Prime Minister, Boris Johnson, announced that 40 hospitals will be built by 2030 as part of a package worth £3.7 billion.
This is excellent news for suppliers as investment in hospital infrastructure does not end once a hospital is built. In fact, it’s 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.
What about social care?
Local authorities will see a 4.5% increase in core spend and will be able to increase council tax by up to 2%.
This, together with flexibility to increase the adult social care precept, the ring-fenced share of council tax dedicated to adult social care, and £300M grant funding will give an extra £1Bn for social care.
Find and win healthcare tender opportunities
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Investing in a procurement platform that will help your business to find, bid for and win new business should be a priority for your business. Offering much more than just Tender Alerts, Tracker’s Market Leads tool provides healthcare suppliers with advance notice of framework renewals and recurring contracts.
Learn more about how you can find and win more opportunities with our business intelligence tool.