Under the Defence Reform Act, the Single Source Regulations Office (SSRO) is required to make a recommendation to the Secretary of State on the Baseline Profit Rate (BPR). The three rates are used to calculate the capital servicing rates, and the adjustment to the BPR required to fund the SSRO to be used for all contracts that fall under the Single Source Contract Regulations. The Secretary of State usually makes his decision and publishes the rate for each financial year by 15 March.

This rate will apply to new contracts and amendments to existing contracts placed after 1 April that year. In making his decision, the Secretary of State has to have regard to the recommendations made by the independent SSRO.

The Secretary of State has received from the Single Source Regulations Office a recommendation on the 2022-23 base line profit rates. He is closely considering this, particularly in the context of the COVID-19 impacts, and an announcement will be made in due course.

The Prime Minister met the Prime Minister of Sweden, Magdalena Andersson, following the Joint Expeditionary Force (JEF) summit in London today.

Speaking in Downing Street, the Prime Minister told the Swedish leader that the UK stood in solidarity with our Nordic partners in the face of rising Russian aggression. The leaders said that Putin’s abhorrent assault on Ukraine had shifted European thinking.

The pair agreed that their two nations should further strengthen their work together on disinformation, and said they looked forward to British and Swedish forces exercising together as part of JEF in the coming months.

Both agreed on the need to reduce dependency on Russian hydrocarbons, and the Prime Minister said renewables were a key part of the UK’s energy security strategy.

The Prime Minister said the UK and Sweden’s relationship was going from strength to strength and he hoped that the two nations would continue to work closely to increase defence ties, combat climate change and ensure Putin fails.

The Prime Minister hosted the President of Finland, Sauli Ninistö, at Downing Street today to discuss the ruthless attack by Russia on innocent Ukrainian people.

Both leaders discussed the concerning developments in Ukraine, and said Putin’s invasion had dramatically changed the landscape of European security.

The Prime Minister reiterated that sovereign countries should be able to choose their own future, without fear or threat from Russia.

He also set out the UK’s longstanding and steadfast support of Finland and its security, and said he looked forward to deepening defence and cultural ties between our two nations.

The leaders agreed to stay in close touch in coming weeks.

The Prime Minister hosted the President of Finland, Sauli Ninistö, at Downing Street today to discuss the ruthless attack by Russia on innocent Ukrainian people.

Both leaders discussed the concerning developments in Ukraine, and said Putin’s invasion had dramatically changed the landscape of European security.

The Prime Minister reiterated that sovereign countries should be able to choose their own future, without fear or threat from Russia.

He also set out the UK’s longstanding and steadfast support of Finland and its security, and said he looked forward to deepening defence and cultural ties between our two nations.

The leaders agreed to stay in close touch in coming weeks.