The Value for Money approach promoted by the Audit Commission has now gone, along with the Audit Commission itself.

The Public Services (Social Value) Bill, launched last year, is not yet on many housing associations and local authority's radars, despite its importance and wide ranging implications to their future procurement processes.

The Act, when it comes into force - and it is expected to in May 2012, it will mean ‘social value', economic and environmental well-being, have to be included in commissioning contracts for services, both above and below the European Union public procurement commissioning threshold.

English housing associations will need to incorporate social value commissioning in their Value for Money strategies, which will be required by the housing regulator, according to regulatory changes to be introduced on 1st April 2012.

In this guide we explore this shift in thinking, examine the principles of Social Return on Investment, and consider the implication of this for local authorities and social housing landlords when developing VFM strategies.

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