04 January 2016 #Public Procurement
New thresholds for contracts governed by the Public Contracts Regulations 2015 came into force on 1 January 2016. The Regulations only apply where the estimated value of the contract (not including VAT) exceeds the published threshold.
Thresholds are set annually at European level in Euros. In order to avoid any confusion, an official sterling equivalent is published in the Official Journal of the European Union and does not change with exchange rate fluctuations throughout the year.
Although the Euro thresholds have risen slightly on last year’s figures, the GBP thresholds have actually reduced as a result of the falling exchange rate and are now as follows: