Tag : MP Peter Aldous
Devolved authorities in Scotland and Wales could set important precedents to introduce ringfenced cash retention schemes for private sector contracts to help tackle industry concerns about bad payment practice, industry body BESA has said.
Fears across Whitehall of another insolvency of a major construction group, similar in scale to the collapse of Carillion last year, reflects a continued lack of political action on payment practices, BESA has warned.
The industry’s calls to define a clear direction for leaving the EU, while fully avoiding the ‘worst case-scenario’ of a no-deal withdrawal will continue for at least several more months with an additional New Year Brexit extension agreed and a General Election set for 12 December.
Government threats to proceed with a ‘no deal’ Brexit on 31 October would be potentially “horrendous” for the HVAC sector, broader business and people dependent on their success if realised, a key industry body has warned.
A second reading of a bill that would legally mandate the ringfencing of cash retentions is currently scheduled for March 8 with supporters claiming that the chairs of 15 influential select committees are among parliamentarians to have now expressed support.
The Specialist Engineering Contractors’ (SEC) Group has backed proposed legislation introduced to parliament this week that would require government and other public sector contracts to make use of project bank accounts.
With a second reading of a bill that would make it mandatory to hold retentions in third party schemes set for October, the industry body expects further support from MPs to push for change
Network Rail’s pledge to reform prompt payment practices and abolish the use of retentions in its contracts has been hailed as a strong template for the wider construction industry and building services sector to follow.
A second reading in parliament of a bill intended to ringfence cash retentions within the construction supply chain will be further delayed until October, with trade bodies supporting the bill hoping to use the time to build wider consensus among MPs to push for reform.
A second reading in parliament of a bill that would mandate the use of accredited third-party deposit schemes to hold cash retentions has been postponed until June 15 after originally being scheduled for this week.