One in four MPs now back retention reform

Aaron Morby 6 years ago
Share

Political support for holding cash retentions in trust has soared with over 170 MPs now in favour of ring-fencing subcontractors’ money.

Peter Aldous introduced a Private Members Bill to put retentions in secure deposit
Peter Aldous introduced a Private Members Bill to put retentions in secure deposit

The rising groundswell of support for retention reform was revealed as the second reading of the Aldous Bill proposing an overhaul was pushed back for the second time to 26 October.

More than one in four MPs now supports the Bill, and backers claim the extra time will allow them to galvanise  political and industry support for the initiative.

With the recent additions of significant organisations, such as accounting body the Association of Accounting Technicians and the British Chambers of Commerce, the coalition of support around Peter Aldous’ proposals has grown to over 575,000 businesses and members of professional bodies.

ECA Deputy Director of Business Policy & Practice, Rob Driscoll, said: “It is fantastic to have such a groundswell of support for the Aldous Bill from MPs.

“With the Bill now moved to October, the campaign will continue to grow and move from strength-to-strength.

“Industry is unanimous and united, on the need for reform of retentions. We are working with Government and industry to deliver the method and solution within the reform to payment practices that the industry so urgently needs in order to meet Government’s industrialisation, growth and prosperity agenda.”

Alexi Ozioro, BESA Public Affairs and Policy Manager said: “There is a very busy legislative timetable at the moment, especially with Brexit.

“For the Bill to have been given a later date shows that the Government are not ready to end the conversation around retentions reform.

“The broad spectrum of MPs supporting the Bill is very encouraging, and is set to continue to grow. Reforming the poor payment landscape is not a matter of ideology or party loyalties, its common sense.”

Conservative MP Peter Aldous introduced a Private Members Bill to put retentions in secure deposit schemes six days before the collapse of Carillion.

Latest news

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
7 hours ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
7 hours ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
8 hours ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
8 hours ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
8 hours ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
3 days ago

Plan in for £3bn Lincolnshire mega data centre

3.3m sq ft Humber Tech Park will be one of Europe's largest data centres
3 days ago

Green light for Digbeth 1,300 homes scheme

Warner’s Fields scheme to start with excavation and landscaping of the River Rea
3 days ago

£210m M3 Junction 9 upgrade gains consent

VolkerFitzpatrick to start work in early 2025 on Winnall roundabout, near Winchester
3 days ago

United Living wins 14-year L&Q homes repairs deal

Trafford housing upkeep deal worth £205m
3 days ago

£400m Lewisham resi-led scheme advances

Land deal paves way for Amro Partners' 1,000-home London scheme
3 days ago

McLaren gets go-ahead for Grade II listed Leeds student scheme

Springfield House to be revamped and two new wings added
3 days ago

Piling giant to fit people alarms on all rigs

Cementation Skanska upgrades site safety systems
3 days ago

Vistry to make £800m profit after subcontractor cost cuts

House builder bullish about shareholder returns after asking suppliers for discounts
4 days ago

Shareholders approve £2.5bn Barratt and Redrow merger

Final hurdle is for the competition regulator to approve the deal.
4 days ago

Green light for £80m Leith waterfront revamp

Build-to-rent homes and student accommodation scheme to be built
4 days ago

Tilbury Douglas clears Interserve legacy jobs to return to profit

Revenue tops £500m in first year as standalone contractor
5 days ago

Land deal paves way for Manchester civil service office hub

Government buys five acres at former Central Retail Park
4 days ago

Speller Metcalfe wins Wolverhampton library upgrade

Full works are due to start in the autumn
4 days ago

Skills shortage puts big infrastructure projects at risk

Government failing as an intelligent client and now over-reliant on consultancies
5 days ago

Contractors face further insulation board price hikes

Cost of PIR insulation boards set to rise another 10%
5 days ago

Henry Boot wins £36m Rotherham Markets job

Project involves upgrading existing market and building a new library
5 days ago

Keltbray hires new head of infrastructure procurement

Lukasz Olszewski will oversee rail, energy and highways business units
5 days ago

Tunnel fit out robot to revolutionise civils work

Costain and VVB Engineering part of innovative consortium
5 days ago

Funding deal for £86m wind turbine test centre

Latest investment at National Renewable Energy Centre in Blyth
6 days ago

Plan in for Manchester ‘upside-down’ 18-storey tower

Landmark cantilevered NXQ building plan for city Northern Quarter
6 days ago

London 25km Super Sewer hooked up for commissioning

Tideway completes connection to existing Lee Tunnel sewer system
6 days ago

£200m Lincoln ring-road approved

North Hykeham Relief Road granted planning permission
6 days ago

£1bn Manchester Airport City plan rebooted as new sci-tech hub

Plan pivots from offices to science and manufacturing campus, called MIX Manchester
1 week ago

Record results at maintenance specialist Renew

Infrastructure maintenance work continues to pay off for contractor
6 days ago

Contractor services