The EU Commission has published the new financial thresholds which will apply from 1 January 2012 through to 31 December 2013, for the application of the Public Contracts Regulations 2006, the Utilities Contracts Regulations 2006, the Defence and Security Public Contracts Regulations 2011 and their Scottish equivalents.
The financial thresholds are adjusted every two years and are now as follows (net of VAT):
• Supply and Service contracts awarded by central government – £113,057
• Supply and Service contracts awarded by other contracting authorities – £173,934
• Works contracts – £4,348,350