The event would be similar to John Prescott’s construction health and safety summit in 2001 which forced the industry into improving its accident record.

Calls for action come as the industry responded to the Government’s latest consultation on late payment.

The National Specialist Contractors Council said: “There is a real opportunity at this moment in time to fundamentally change the payment culture in the UK.

“We saw a similar response at the Construction Health and Safety Summit called by the Government over 10 years ago when the industry was held to account and told to improve its health and safety performance or legislation would be implemented.

“Since then, the construction health and safety record has improved dramatically and the fatality rate fallen by almost two thirds.

“The industry can change its behaviour; it just needs clear direction and a sanction to make it happen.

“As long as late payment is socially acceptable and public sector contracts are awarded to companies known for their poor payment practices, it will continue to be a problem .

“Late payment should become socially unacceptable and companies should be publicly ‘named and shamed’ on their payment performance .

“This should include both average contractual payment terms and the average number of days that a company takes to actually make payment.”