United Kingdom Urges Higher Government P-Card Limits | Instant News

The British government, which is ready to start the economy, is urging public entities to negotiate with procurement card providers to raise limits on what can be spent, according to National Health Executive.

The government recommends that the limit for transactions with a single limit be raised to 20,000 pounds ($ 24,500) and 100,000 pounds ($ 122,300) for major cardholders, along with new receipts for monthly expenditures of more than 100,000 pounds to meet business needs.

This recommendation is addressed to a number of central government bodies, executive agencies of the regional government, and non-departmental public bodies, in the new Procurement Policy Notification (VAT) issued by the government this week.

The purpose of this, said VAT, is to help stimulate coronavirusa damaged economy. This virus has slowed down almost every sector in the world because people must avoid the public space so as not to spread the virus further. Because of the slowdown, job losses occurred en masse because companies found it difficult to retain employees without incoming income.

So, the VAT states that procurement card providers should be encouraged to work harder and increase limits for transactions.

VAT states that any organization with the means to do this must ensure that employees can use cards and do so in a broad and efficient manner, although not everyone will always need a higher spending limit. And the VAT recognizes that there will be a need for renegotiation and other limits, but it must occur within a framework that has been determined by the government.

This announcement, the government said, was only one step taken to help reduce virus pressure. The government has also tried to ensure that small businesses do not have to offer personal guarantee in return for financial assistance from the virus. Some small businesses have noted that providing guarantees will cause them to lose savings.



In Tuesday, April 7, 2020 in 12:00 noon (ET) joined with PYMNTS CEO Karen Webster and panelists from innovative travel companies for in-depth discussions about travel conditions in the midst of the COVID-19 pandemic and beyond.

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