The bill calling for ring-fencing of retentions cash is now supported by 207 MPs – nearly one in three.

A coalition of more than 80 trade bodies is also behind the bill led by the M&E sector’s BESA and ECA.

Alexi Ozioro, BESA Public Affairs & Policy Manager said:  “Carillion put late payments in the public view and we have grown a campaign that 76 Conservatives and MPs from every other party all back.

“We have a great opportunity for industry unity and to finally solve a problem that has plagued the industry, economy and SMEs for far too long.”

ECA Deputy Director of Business Policy & Practice, Rob Driscoll added: “The current cash retentions system is extremely unfair to hard-working small and medium-sized businesses in construction.

“Given this unprecedented level of support for a pragmatic reform and the Sector Deal’s ambition to create sustainable business models, it’s time for Government to back legislative reform.”

Aldous introduced his Bill to put retentions in secure deposit schemes six days before Carillion collapsed.

The second reading is due to take place after the party conference season on October 26.

Aldous said: “I am very encouraged by the support that 200 colleagues across the House have indicated for my Bill and the construction industry; it is an important milestone to have reached.

“There is more work to be done in persuading Government to adopt the bill, but I am confident that vital momentum is being gained, showing the appetite within Parliament for the Aldous Bill to succeed.”