Social Value can be derived in many ways with the imperative result of all initiatives and activities being achieving long-term value for money.
The Public Services Act 2012, better known as the Social Value Act, requires public bodies to consider the economic, social and environment benefits that can be achieved through commissioning and procurement processes, with an emphasis on the local impact.
Public bodies such as government departments, local authorities, TFL, NHS trusts, and Housing Associations are all included within the act, however private sector organisations are now embracing the act as a way of redefining their corporate social responsibility through creating social value which is both tangible and measurable.
