One in four MPs now back retention reform

Aaron Morby 4 years ago
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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.

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