£45 million to be reinvested in government to boost long-term productivity as the Cabinet Office sells stake in SSCL
The Cabinet Office is to sell its 25% stake in SSCL for £82.3 million. £45m of the proceeds will be put aside to increase cross-government productivity to deliver for the public in the long-term.
- The Cabinet Office is to sell its 25% stake in SSCL for £82.3 million.
- £45m of the proceeds will be put aside to increase cross-government productivity to deliver for the public in the long-term.
The Cabinet Office has today exercised its option to sell its 25% stake in Shared Services Connected Ltd (SSCL) for £82.3m, it has been announced today.
After 10 years of this successful partnership, Sopra Steria Ltd will fully acquire SSCL, a joint venture founded by Sopra Steria and the Cabinet Office, as envisaged in the original contract.
SSCL provides consolidated digital solutions for the public sector including finance and accounting, procurement, and HR and payroll.
Of the £57m sale proceeds that will be retained by the Cabinet Office, £45m will be reinvested into accelerating programmes that increase cross-government productivity. This will help to set the country on the right path to strengthen public services by increasing efficiency across government.
This will include a particular emphasis on digital capability across Government.
Minister for the Cabinet Office, Jeremy Quin, said:
The SSCL joint venture was set up to drive greater efficiency.
The Government is now realising its successful investment, securing additional value for the taxpayer and using it to make the long-term decisions to deliver the best public services and boost productivity across the Civil Service.
The joint venture has generated significant savings for the public purse, providing more funds for front line public services, and delivering value for money for the taxpayer to help change the country for the better.
It has also encouraged collaborative working with the private sector. For example, the establishment of SSCL involved the transfer of around 1,100 civil servants to the private sector.
Finally, SSCL met the government’s goal to consolidate shared services, such as HR and payroll, across numerous departments, including The Department for Work and Pensions, The Home Office and The Ministry of Justice, ensuring services operate at the highest efficiency.
The Cabinet Office will also channel the proceeds from this sale to continue its work streamlining services and processes across government. The remaining balance will be returned to HM Treasury.
With the benefits of the joint venture having now been met, the proceeds of the sale will fuel a fresh investment in cross-government efficiency as part of long-term action to create a more productive workforce and stronger services for the public.