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Hertfordshire County Council enters tri-county banking service contract with Cambridgeshire and Northamptonshire
Hertfordshire County Council has said it could save £400,000 as itbecomes one of the first councils to share its banking services with other local authorities.
The authority has joined Cambridgeshire and Northamptonshire county councils to reduce costs over the next five years.
It is hoped the cost-cutting deal – the UK’s first tri-county banking service contract – will see the three councils collectively save at least £574,000.
Hertfordshire and LGSS, the shared service set up by Cambridgeshire and Northamptonshire, awarded the contract to Barclays bank last week.
Morris Bright, deputy cabinet member for resources on Hertfordshire County Council, said: “I am delighted we have been able to work with these two county councils to deliver a banking contract that will deliver savings of nearly £400,000 for this authority.
“It clearly demonstrates working collaboratively on major procurements can deliver savings.
“In addition it is anticipated further savings will be achieved by working with our partner counties and the bank to re-engineer our current business processes.”