The elected City of London Corporation acts as the local authority for the Square Mile business district around St Paul’s. It supports the UK-based financial services industry and provides many other services and facilities for London and the wider UK as well as provides open space and safeguards heritage. The City Corporation has three sources of finance: local authority, its own charity, and an endowment fund. All City of London services involve procurement. Procurement can range from contracting for an entire service to purchasing small assets such as office equipment. The procurement process does not end at the commissioning or contract award stage, but spans the entire life cycle of the product or service from inception and design through to contract management and disposal of any redundant assets. Effective procurement supports the City of London’s aims and objectives, helping the City of London to deliver high quality services which meet the current and future needs of local people and are based on value for money. The City has a procurement strategy which details how procurement will achieve the above aims. It has participated in collaborative procurement for a number of years, and is an active member of the procurement bodies like, The London Contracts and Supplies Group (LCSG) which was establish in 1976 in recognition of the need for a greater degree of co-ordination and joint action in purchasing and supply matters in Greater London. The LCSG awards contract for commonly used supplies and services, and spreads good practice. The City is also a member of the London Central Partnership (LCP) Procurement Group. The LCP is a collaborative venture by the Corporation of London, the London Boroughs of Islington, Camden and the Royal Borough of Kensington and Chelsea (RBKC). The Corporation spends approximately £250m on external goods, services and works.
Issues Identification with Impact Analysis:
The City is seeking to achieve savings... [continues]
Cite This Essay
(2013, 03). City of London Corporation. StudyMode.com. Retrieved 03, 2013, from http://www.studymode.com/essays/City-Of-London-Corporation-1549596.html
"City of London Corporation" StudyMode.com. 03 2013. 2013. 03 2013 <http://www.studymode.com/essays/City-Of-London-Corporation-1549596.html>.
- MLA 7
"City of London Corporation." StudyMode.com. StudyMode.com, 03 2013. Web. 03 2013. <http://www.studymode.com/essays/City-Of-London-Corporation-1549596.html>.
"City of London Corporation." StudyMode.com. 03, 2013. Accessed 03, 2013. http://www.studymode.com/essays/City-Of-London-Corporation-1549596.html.