Tag : retentions
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
The UK government is being urged by a key building services body to immediately introduce legislation to tackle the practice of late payments within the construction supply chain, rather than delaying potential reforms in favour of voluntary commitments or further consultations.
The Specialist Engineering Contractors’ (SEC) Group has said commitments by chancellor Phillip Hammond to issue a call for evidence over tackling the issue of late payments will be cautiously welcomed in the construction industry.
Uncertainty remains over the future financial stability of a significant number of SMEs and contractors in Carillion’s supply chain following yesterday’s announcement of the liquidation of the construction and services giant.