The initiative to centralise Government’s procurement of goods and services, and to put more contracts out to competitive tender, has so far saved the taxpayer more than ?4 million.

Treasury Minister Eddie Teare MHK said that at ?4.3 million the savings achieved by the Procurement Unit by March this year were ?1 million higher than the target set when the unit started work in April 2011.

The number of tender exercises, where Government contracts are opened up to market competition, has increased from 24 recorded in 2010/11 to 184 scheduled in the current financial year.

Minister Teare commented: ‘The Isle of Man Government spends a lot of taxpayers’ money on the things the organisation needs to do its job of providing services to the public.

‘We have a responsibility to achieve the best value for the taxpayer with this spending, while continuing to support the local economy. I would like to thank the Procurement Unit for exceeding expectations in its work to protect the public purse.’

Mr Teare added: ‘This is not just an exercise in saving money. It’s also about being open and transparent in the conduct of public finances and giving all businesses a fair chance to compete for Government contracts.’