Serco supports greater transparency for public service providers and welcomes this week's proposal from the CBI to introduce new measures to boost transparency and trust in private and third sector managed public services contracts.
Serco acknowledges that the industry has to work harder to boost public confidence in order to be able to do its job and generate trust in the public services sector.
The CBI estimates that despite a strong start on deficit reduction, the Government is only half way through its planned deficit reduction, and expects the public sector net deficit to stand at £80.1bn in 2015/16, down from £159.2bn in 2009/10, thanks to both tax revenue growth and public spending reductions. The organisation also believes that the Government must continue to open up public services to independent competition to get the best taxpayer value possible.
The Government already spends £187bn a year with 200,000 organisations, which in turn contribute £48.7bn to the economy and account for over 7% of GDP.
Andrew White, Chief Executive of Serco's UK & European Local and Regional Government business and Serco's representative on the CBI's Public Services Board, said: "Serco has strongly supported this initiative from its inception. Our industry makes a massive contribution to the UK economy and Serco has been at the forefront of that success, winning business and providing services around the globe.
"However we know we still have much to do to build trust with the public and we are fully committed to becoming more transparent across our contracts in the UK and beyond."