How will you ensure the Anchor Institutions Network meets your commitment to spend 30% of annual procurement on London's small businesses? Please provide an estimate of how much in millions this will constitute for the organisations involved and what definition of small business you will be using for this policy?

In March, a number of the largest London Anchor Institution Charter signatories committed to spend more than £1.3bn over five years on contracts with London’s small businesses. The GLA pledged 30% of annual third-party spending with London-based micro and small businesses, charities, and voluntary, community and social enterprises (VCSEs), equating to £35.4m in 2022/23 alone.

The Network’s procurement working group will report formal updates on progress, share best practice and define challenges and opportunities.

The pledge seeks to help businesses who: