Retentions Bill second reading pushed back to June

Aaron Morby 7 years ago
Share

The second reading of the private members Bill to overhaul the hated cash retentions system has been pushed back seven weeks.

Tory MP Peter Aldous was due to deliver the Bill’s second reading tomorrow but now the process has been put back to 15 June.

The change comes after concern that tomorrow’s crowded parliamentary schedule risked it not being read and abandoned by parliament.

Aldous is seeking to amend the 1996 Construction Act and ensure that retentions are held in a third party trust scheme.

There is a now strong groundswell for reform in both parliament and the industry.

In recent weeks political support for holding cash retentions in trust has soared to over 120 MPs in favour of ring-fencing subcontractors’ money. Cross-party support for reform includes Conservatives, Labour, Liberal Democrats, SNP, DUP, Plaid Cymru and the Green Party.

And earlier this week a delegation representing 76 specialist trade bodies – representing over 355,000 companies and many self-employed professionals – petitioned the Prime Minister for urgent reform to payment practices and the retention system.

Aldous said: “The industry loses around £1m for each working day, mostly from SMEs. There have been proposals to stop the abuse of retentions before, but this time there is the largest coalition on fair payments ever.”

Latest news

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
45 minutes ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
16 hours ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
17 hours ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
23 hours ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
22 hours ago

GBN launches £600m bid race for SMR engineer roles

Owner engineers to provide technical and assurance services
23 hours ago

Wates hires ex-Homes England chief to head public sector push

Robert Stone to spearhead its public sector and national frameworks strategy
23 hours ago

Acheson Construction collapse costs suppliers £8.5m

One frustrated creditor seized a telehandler after contractor went into administration
2 days ago

Dominus wins go-ahead for 173-bed Glasgow scheme

Old Wynd Street job expected to cost around £25m to build
2 days ago

Safety Regulator misses deadline to clear Gateway 2 backlog

Investors pulling out of funding high rise buildings
2 days ago

CITB still sitting on £95m cash pile

Staff numbers jump from 666 to 763 as training body wage bill soars
2 days ago

£500m road surfacing framework market call

NEPO goes out to consultation on north east regional highways deal
2 days ago

Two share £220m Scottish rail repairs and minor works deal

AmcoGiffen and CPMS win civils and building repair deals
2 days ago

Builder wanted for £60m London leisure and flats job

Tower Hamlets aims to replace St George’s Leisure Centre in Shadwell
2 days ago

Contractor confirmed for business park expansion

Roe Developments to start on next phase of Castle Donington scheme
2 days ago

Driver escapes injury as scaffold collapses onto van

Major three-lift scaffold fall blocks north London high street
7 days ago

Gilbert Ash to be sold to staff

£267m turnover contractor to transition to an Employee Ownership Trust
1 week ago

M Group seals biggest-ever deal with Telent takeover

Digital infrastructure specialist deal lifts turnover to £3bn
1 week ago

Aggregates firm Ashville went down owing more than £3m

Debts revealed in Companies House update
7 days ago

Cardo saves 100 jobs at Breyer roofing arm

Private equity-backed Welsh maintenance group continues to expand
1 week ago

Excavator knocked off lorry going under bridge

Traffic Commissioner inquiry after accident in south London
7 days ago

Czech energy tycoon buys UK’s biggest rebar supplier

Spanish offload Celsa UK operation to be rebranded 7 Steel UK
1 week ago

Caddick Construction targets £400m turnover

Regional shake-up pays off at contracting arm
1 week ago

Redrow chief steps down after Barratt merger

Matthew Pratt leaving after 22 years
1 week ago

United Living names new property services senior team

New CEO and COO appointed to lead growth in housing upkeep and retrofit
1 week ago

Wynne triples turnover in three years to over £90m

Five-year growth strategy pays off
1 week ago

Speedy Hire blames Budget for branch closures

National Insurance rises accelerate closure programme
1 week ago

Builder gets suspended sentence for Covid loan fraud

M&E specialist inflated turnover to claim maximum loan
1 week ago

Scores of M&E firms win places on £400m CHIC framework

Axis Europe and Seddon secured spots on social housing deal
1 week ago

Coroner hears how worker was crushed under digger

Inquest opens into tragedy at Rose Builders site
1 week ago

Contractor services