G4S has cancelled its bid for the renewal of a contract for the electronic tagging of criminals in England and Wales.

The move to pull out of the bidding process comes after controversy surrounding accusations of overcharging over multiple years by G4S and Serco, which resulted in losses in the many millions.

The controversy surrounding the accusations that the public sector had been repeatedly overcharged saw bidder Serco pull out of the tendering process, however G4S continued to pursue the contract renewal until this week.

G4S released a statement saying it was, “committed to resolving the contractual issues raised by the Ministry of Justice in connection with historical billing on the electronic monitoring contracts”.

The decision to pull out seems to have come after the outsourcing giant realised there was next to no chance of the bid succeeding, with Justice Secretary Chris Grayling demanding for their pull-out.

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