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

Over £600m awarded for decarbonisation projects – full lists

Over 240 public building energy upgrade projects secure cash
3 hours ago

Ridge buys rival consultant Jubb

Acquisition will see 100 new staff join Ridge
13 hours ago

Enabling works to start £130m Huyton town centre regen

Phase one includes a new council HQ, hotel and 72 flats
13 hours ago

Grainger build to rent pipeline rises to £1.4bn

Rental specialist buys sites in Sheffield and Cardiff to build 600 rental homes
13 hours ago

Kier wins Cambridgeshire County council estate upkeep

Firm will provide building and M&E services to 106 buildings across the county
12 hours ago

Louvres and solar shading specialist files for administration

Hampshire based ALPS lodges court notice after 25 years in business
13 hours ago

Speedy Hire posts a loss in latest results

Hire giant confident of better performance in next six months
13 hours ago

Esh to lead next phase of Riverside Sunderland regeneration

Infrastructure work will allow further development of Sheepfolds area
12 hours ago

Green light for £1.3bn Edinburgh coastal town revamp

First phase of Granton Waterfront scheme will see Cruden Homes create a new community
1 day ago

Vistry chief operating officer steps down

Earl Sibley exits as his COO role axed for more direct reporting to CEO
2 days ago

House builder Camstead goes into administration

Work stopped on three current sites
2 days ago

Death of piling legend Roger Bullivant

Industry innovator dies after long illness aged 85
2 days ago

ESS Modular went down owing suppliers £7m

Modular specialist owned by ISG owner Cathexis
2 days ago

Builders back farmers in inheritance tax protest

"A rethink is desperately needed" say National Federation of Builders
2 days ago

Willmott Dixon wins £36m leisure centre upgrade

Work to start on historic Westminster 1930s Grade II listed Seymour Centre
2 days ago

Graham wins £100m Cardiff Crossrail phase 1

Work on route to Cardiff Bay to start before end of next year
3 days ago

Laing O’Rourke appoints new European MD

Peter Lyons to take-up new role in February
3 days ago

Profits dip at Stepnell ahead of demerger

Turnover and secured workloads up ahead of restructure
3 days ago

HS2 green bridge deck takes shape

100m-wide wildlife bridge to carry hedgerows and country lane over HS2
3 days ago

1,000-home Wolverhampton city centre scheme in for planning

ECF and council advance City Centre West build to rent scheme
3 days ago

Sisk clinches £54m North London council HQ revamp

Haringey's iconic Grade II listed civic centre to be brought back into use
3 days ago

Ofgem approves £2.5bn Eastern Green Link 1

Work to start next Spring on cable project from Scotland to the north of England
3 days ago

Anglian Water hunts for £1bn delivery partner

Programme delivery partner wil integrate with client team over 15-year plan
4 days ago

Hadden collapse costs supply chain £6.7m

"Highly unlikely" subcontractors will receive anything for their unpaid invoices
4 days ago

Management buyout at M&E specialist

£25m turnover Kimpton in second MBO in its 60-year history
4 days ago

BAM finalises £71m deal to replace first major RAAC school

Work to start on new St Leonards Catholic School in Durham
4 days ago

Scaffolder hit by two tonne weight at nuclear plant

Court hands out £633,000 in fines after Dungeness B decommissioning incident
4 days ago

Go-ahead for 860,000 sq ft East London medical campus

Whitechapel Road scheme of six new and repurposed buildings
4 days ago

Site labour rates hit record high as cost inflation returns

Industry's biggest payroll firm says rates rose nearly 5% last month in London
7 days ago

Morris & Spottiswood acquires part of ISG fit-out division

ISG Cathedral acquisition saves 111 jobs and expands presence across England
1 week ago

Contractor services