Connect with us

Business & Finance

Local spending should use new laws to promote social prosperity – new report urges

Published

on

[ad_1]

Press release

Embargo date: from 00.01 a.m., Monday 14 October 2024

Local spending should use new laws to promote social prosperity – new report urges

Councils should make better use of their collective annual £72bn spend on goods and services to promote community prosperity, a new report published today by the think-tank Localis has advised.

In a study entitled ‘New Values: local public contracts for networked social prosperity’ Localis calls on councils to make use of the new Procurement Act – which comes into effect next February – to drive social prosperity. This could involve tailoring commercial contracts for neighbourhood services to local economic needs such as by supporting SMEs and opening up training pathways for residents.

Under new Act, which stresses the importance of the ‘most advantageous tender’ to unlock a wider concept of value for money that fosters social prosperity and inclusive growth, local authorities will be encouraged to optimise their buying of goods and services through a balance of insourcing, outsourcing and hybrid models tailored to local needs in a whole place manner.

According to Localis, councils should consider a ‘local service reshoring model’ in which smaller authorities would hand over administrative responsibilities to arm’s-length delivery bodies while delivery is outsourced to local agencies, whether Local Authority Trading Companies (LATCos) or from the private or third sector.

Given the move to greater insourcing and taking account of council capacity constraints, local authorities are further urged to consider banding together to set up or make use of existing delivery vehicles for strategically assessing and controlling public contracts.

Councils are also advised to use dynamic contracting, whereby local contracts are equipped with mechanisms that allow for the periodic review and adjustment of commercial terms to meet local needs.

Key report recommendations for central government include:

  • calls to conduct economic and social impact studies to better direct local strategic capacity;
  • greater clarity on legal definitions and scenarios under the new legislation;
  • supporting a local government capacity building programme for council procurement departments.

Report author and Localis senior researcher, Callin McLinden, said: “With the enactment of the Procurement Act postponed repeatedly, many local authorities have been left in a state of limbo and would be right to wonder what the fuss has been about.

“The Procurement Act is set to reinvigorate an admittedly dense but promising legislative framework for procurement and local service contracts, carving out greater strategic potential for the buying process to deliver socially prosperous and publicly valuable outcomes – whether services are insourced, outsourced, or innovatively hybridised.

“However, whatever the ambitious approach or model taken, a lack of accountability, capacity gaps, and unfamiliarity with overtly complex legislation have stood in the way of and will continue to frustrate any efforts to ‘take back control’ of public services.

“This is why the government and local authorities must be equally mindful and mutually assured in transitioning towards a more strategic and socially prosperous use of public contracts.”

Justin Galliford, CEO of Norse Group, said: “Smart procurement is about more than just contracts—it’s about ensuring best long term value for our communities, creating social value, and ensuring local growth.

“Models like LATCos (Local Authority Trading Company) offer councils the advantages of insourcing, such as greater control over services and employment of staff, while operating in a more commercial environment with expertise.

“By focusing on what really matters, councils can help build a future where economic success also means stronger, healthier communities.”

Jonathan Werran, chief executive, Localis, said: “In opposition, the Labour Party promised, under the aegis of a National Procurement Plan that would mandate social value in public contracts, to strengthen public procurement so as to support local businesses and ensure contracts drive local economic development, sustainable growth and high employment standards.

“Now they are in Government, we can expect to see a strategic shift towards the wholesale integration of environmental, social and employment considerations.

“To deliver this shift at the level of place and guarantee communities and localities benefit fully from the current annual £72bn spend on local goods and services will require robust capacity building and training programmes to give council procurement teams the skills to navigate increased complexity and transparency.”

END

Press enquiries:

Jonathan Werran, chief executive, Localis
(Telephone) 0870 448 1530 / (Mobile) 07967 100328 / (Email) [email protected]

Notes to Editors:

  1. An advance copy of the report is available for download here:

https://www.localis.org.uk/wp-content/uploads/2024/10/Localis-New-Values-Report-AUG24-A5-PRF07.pdf

  1. About Localis

Localis is an independent think-tank dedicated to issues related to politics, public service reform and localism. We carry out innovative research, hold events and facilitate an ever-growing network of members to stimulate and challenge the current orthodoxy of the governance of the UK.

https://www.localis.org.uk/

‘X’ @Localis

About Norse Group:

Norse Group delivers the spaces and services communities need to thrive. We combine breadth, expertise, and scale with the insight of a local partner and the values of the public sector – driven by the belief there is always a better way to deliver for the public.

It is our mission to offer an integrated approach to providing public sector services – generating sustainable long-term relationships and returns in a fair and ethical way, for the benefit of our clients, employees, and all other stakeholders.

www.norsegroup.co.uk

‘X’ @NorseGroupLtd

  1. Key report recommendations

Central government

  • Central government should launch a local government capacity building programme to enhance the staffing and training of procurement departments and ensure that the intended aims of recent reforms can be met at the local level.
  • To ensure strategic procurement can be carried out successfully at the local level, there is a need for greater clarity in legal definitions and scenarios around the new regime, particularly in the context of a drive to hybridised and insourced models.
  • Central government should conduct economic and social impact studies on local authorities and their public contracts to assess strategic capacity and resource allocation in relation to upcoming reforms at the local level, with a view towards tailored and sustained central government support where it is needed most.

Local government

  • To drive social prosperity, councils should integrate procurement strategies with wider socio-economic objectives, as defined by local understandings of wellbeing and prosperity.
  • As part of this process, it is important to take advantage of the new reforms to tailor contract design to local economic needs such as the privileging of local SMEs or development of training pathways.
  • When approaching new public contracts, councils should consider a hybrid model – particularly regarding the use of LATCos and arm’s length delivery vehicles to deliver strategic goals across public contracts.
  • Councils should emphasise dynamic contracting, where public contracts are designed with mechanisms that allow for periodic review and adjustment of terms – making use of the new procurement regime to ensure local objectives are being met.
  • In the context of an insourcing drive, given capacity constraints in local government, councils should consider joining together to set up or make use of delivery vehicles for strategic assessment of administrative and managerial control over public service contracts:
  • County, unitary and other regional authorities: consider the possibility of setting up an arm’s length body to take on the administrative and managerial functions for contracts among groups of local authorities.
  • District and constituent authorities: Consider the possibility of reshoring relevant administrative and managerial functions for contracts among groups of local authorities.

General

  • As we end one political cycle and begin another, it is important that momentum is not lost and that central government continues ongoing dialogue and collaboration with local government, combined authorities and other stakeholders to ensure that public contracting for social prosperity continues to be realised across the country.
  • As part of this, both local and central government must adopt non-ideological, evidence-based approaches to procurement strategy, to ensure best local outcomes, maintaining a pragmatic and socially-inclined mindset.

[ad_2]

Source link

Business & Finance

FBI Identifies North Korea as Culprit in $6.3 Billion Binance Crypto Hack

FBI attributes $6.3B Binance crypto hack to North Korea, raising security concerns. Binance covers 90% of losses.

Published

on

FBI Identifies North Korea as Culprit in $6.3 Billion Binance Crypto Hack

In a striking attribution of cyber malfeasance, the Federal Bureau of Investigation has named North Korea as the perpetrator behind a colossal $6.3 billion hack on Binance, one of the world’s largest cryptocurrency exchanges. This revelation underscores persistent cybersecurity vulnerabilities and intensifies geopolitical tensions already fraught with complexity [The Guardian, November 2026].

The breach, now recognized as the largest of its kind, has sent shockwaves through the digital asset community, raising urgent questions about the robustness of current security protocols within the crypto industry [Al Jazeera, November 2026]. Despite the significant financial blow, Binance has demonstrated resilience by covering a substantial 90% of the losses, reflecting its commitment to maintaining user trust and stability [The Guardian, November 2026].

Binance’s response to the hack has been proactive, involving collaboration with international law enforcement agencies to pursue recovery of the stolen assets. A spokesperson from the exchange affirmed, “We are working closely with law enforcement to recover the funds,” indicating a strategic approach to mitigate the consequences of this unprecedented breach [The Guardian, November 2026].

The scale of the hack, valued at $6.3 billion, places it squarely in the spotlight of global financial and security discussions. It serves as a stark reminder of the vulnerabilities inherent in digital finance systems, particularly as they become more entwined with global economic infrastructures [Al Jazeera, November 2026].

North Korea’s involvement in such a high-profile cybercrime reflects broader geopolitical dynamics, where state-sponsored hacking has become a tool for economic gain and political leverage. This attribution by the FBI further complicates diplomatic relations and underscores the need for coordinated international responses to cyber threats [The Guardian, November 2026].

The incident has not only affected Binance but has also sent ripples across the broader cryptocurrency market, prompting investors and exchanges to reassess their security measures. The hack’s magnitude highlights the urgent need for enhanced protective measures and industry-wide collaboration to fortify digital asset exchanges against future threats [Al Jazeera, November 2026].

In the wake of this cyber assault, Binance’s robust response and coverage of losses may set a precedent for how exchanges handle such adversities in the future. It also emphasizes the critical role of transparency and accountability in maintaining user confidence and market integrity [The Guardian, November 2026].

As the situation unfolds, the interplay between cybersecurity and international politics will likely intensify, with potential repercussions for regulatory frameworks governing digital assets. The hacking incident serves as a catalyst for ongoing debates about the balance between innovation and security in the realm of cryptocurrency [Al Jazeera, November 2026].

Looking forward, the focus will remain on how Binance and other cryptocurrency platforms adapt to these evolving threats. Their ability to enhance security protocols and foster international cooperation will be crucial in defining the future landscape of digital finance. The world will closely monitor these developments, particularly as they relate to North Korea’s cyber capabilities and intentions [The Guardian, November 2026].

Continue Reading

Business & Finance

Naboo Expands with Acquisition of UK Events Platform Pro-ven

Naboo has acquired UK M&E spend specialist pro-ven, which becomes Naboo UK, keeping all 20 staff and its founder.

Published

on

Naboo Expands with Acquisition of UK Events Platform Pro-ven

Naboo, the Paris-based meetings and events (M&E) spend management platform, announced on 27 October 2026 that it has acquired pro-ven, a UK specialist in venue sourcing and event procurement, for an undisclosed sum. The companies say the combination creates the world’s largest pure-play provider of M&E spend management and venue sourcing.

Founded in 2005, pro-ven helps corporate and association clients manage meetings and events spending through venue and supplier sourcing, contract negotiation, approval workflows, invoicing and payment management. It generates around €30 million in annual transaction value and brings enterprise clients including Unilever, Virgin Media and Sony. Following the deal, Naboo says the combined business will manage around $300 million (€268 million) of meetings and events spend.

Under the terms of the deal, pro-ven’s Hertfordshire office becomes Naboo’s UK headquarters and the business will operate as Naboo UK. All 20 pro-ven employees are being retained, and founder and managing director Julian Laxon will stay on to help grow Naboo’s UK presence. Existing pro-ven clients keep the same account teams and commercial arrangements, while gaining access to Naboo’s AI-driven technology platform and international network.

Naboo says the acquisition was financed equally through equity and borrowing. It follows the company’s $70 million (€58.7 million) Series B round in February 2026, led by Lightspeed Venture Partners with participation from existing investors Notion Capital, ISAI and Ternel.

The UK is not a new market for Naboo, which has operated there since 2024. CEO and co-founder Maxime Eduardo said the deal is primarily about accelerating growth in what he called a huge market for the company and adding enterprise customers. “Together with pro-ven, that is the leader we are building,” he said.

The acquisition caps a busy period for Naboo, which recently unveiled a new brand identity and opened its first Asia-Pacific office in Singapore, following its expansion into North America with offices in Montreal and New York.

Sources: Business Travel News; EU-Startups; CIT World; The Business Travel Magazine.

Continue Reading

Business & Finance

How AI is Transforming Small Businesses: Success Stories

This article explores the transformative impact of AI on small enterprises, highlighting specific case studies of businesses that have successfully integrated AI technologies to enhance efficiency and competitiveness.

Published

on

In September 2026, the Financial Times reported a significant surge in the adoption of AI technologies by small enterprises, driven by the promise of enhanced efficiency and reduced operational costs. Among the many businesses venturing into this digital frontier, a few stand out as exemplary cases, demonstrating the transformative power of AI when strategically implemented.

Take, for instance, GreenLeaf Grocers, a small organic food retailer based in Brighton. Faced with the challenges of scaling operations and managing inventory efficiently, GreenLeaf turned to AI-driven inventory management systems. By analyzing customer purchasing patterns and forecasting demand, the system enabled the grocer to optimize stock levels, reducing waste by 30% within the first year. The owner, Sarah Jenkins, noted, “AI has not only streamlined our operations but has also allowed us to focus more on customer service and community engagement.” This case underscores the potential of AI to reshape retail operations, offering insights into customer behavior that were previously inaccessible.

Another compelling story is that of TechFixers, a family-run electronics repair shop in Manchester. Confronted with increasing competition and the need to differentiate their services, the owners implemented an AI-powered diagnostic tool. This technology rapidly identifies device issues, providing technicians with precise solutions. As a result, TechFixers reduced average repair times by 40%, significantly boosting customer satisfaction and expanding their clientele. The owner, Mark Thompson, attributes their competitive edge to AI, stating, “Integrating AI into our diagnostic process has been a game-changer, allowing us to offer quicker, more reliable repairs.”

In the realm of financial services, FinServe, a small accounting firm in London, illustrates the impact of AI on service delivery. By employing AI-based analytics tools, FinServe offers clients real-time financial insights and predictive forecasting. This capability has attracted a new segment of tech-savvy clients seeking proactive financial management. The firm’s director, Lucy Patel, emphasized the strategic advantage gained, “AI has empowered us to provide a level of service that was previously the domain of larger firms. We’re now able to deliver insights and strategic advice that truly add value for our clients.”

These cases highlight not only the successful application of AI in various industries but also the diverse ways in which small enterprises can leverage technology to overcome specific challenges. While the potential benefits of AI are substantial, the journey is not without its hurdles. Businesses must navigate the complexities of data integration, system compatibility, and the initial investment costs. However, for those willing to embrace the change, the rewards can be substantial.

As AI technology continues to evolve, its role in small business operations is likely to expand, offering new opportunities for innovation and growth. The experiences of GreenLeaf Grocers, TechFixers, and FinServe serve as a testament to the transformative power of AI, providing a roadmap for other small enterprises eager to harness this technology.

Looking ahead, the integration of AI into small business operations is set to become even more pervasive. As technology advances and becomes more accessible, businesses of all sizes will find new ways to leverage AI for competitive advantage, creating a dynamic and constantly evolving landscape.

Continue Reading

Trending