ALTRINCHAM-based Informed’s Global CEO Elizabeth Vega has been named as a member of the new Cabinet Office Small Business Panel.

The panel, made up of business experts from across the UK, has met for the first time under plans to boost Government spending with small and medium sized enterprises.

The launch was led by Ben Gummer, Minister for the Cabinet Office and Paymaster General.

The advisory panel of 24 entrepreneurs and leading business figures will work with the Government with the aim of ensuring that by 2020, £1 of every £3 invested by Whitehall in goods and services goes to small and medium-sized enterprises (SME).

If met, the target would mean almost £3 billion of new business up for grabs each year, either directly or through the supply chain.

The Cabinet Office has estimated that 27 per cent of government’s procurement spending, or £12.1 billion, reached SMEs in 2014 to 15, surpassing its target of 25 per cent.

Previously a member of the Cabinet Office SME Panel, Elizabeth and other members of that group are continuing to work with Government towards its aim to increase government spend with SMEs to 33% by 2020.

Ben Gummer, Minister for the Cabinet Office and Paymaster General, said: “The business experts will play a vital role to help us increase spending with SMEs, which are the lifeblood of the UK economy. Government is firmly on the side of entrepreneurs and we will do everything we can to make their lives easier. That’s why we have asked business experts to work with us towards our aim that £1 in every £3 of government procurement spending should go to SMEs by 2020.”

Elizabeth Vega said: “It’s a great honour to be invited to join this prestigious and highly committed panel of entrepreneurs; working with like-minded business leaders to support government’s aim to increase spending with SMEs to 33 per cent by 2020. The launch of the new Small Business Panel was another key milestone in moving towards that target, demonstrating that the UK Government is very much open for business.”