Trade bodies taking retentions bill fight to parliament in rally
Private members Bill to overhaul the hated cash retentions system has been pushed back seven weeks.
“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.” Peter Aldous
76 trade bodies turned out in force to support the Aldous Bill ahead of Peter Aldous MP presenting a petition supporting the Bill to Downing Street on 23rd April.
The Aldous Bill seeks to amend the 1996 Construction Act and ensure that retentions within construction are held in a third party trust scheme. The aim is to protect companies in the construction supply chain from insolvency and payment uncertainty. The Bill passed its first reading in January.
120 MPs are supporting the Aldous Bill, and Peter Aldous presented a petition representing 341,408 businesses and sole traders to 10 Downing Street to support retentions reform and call on Government to act. After concerns that the parliamentary schedule might mean that the second reading of the bill might not take place, the second reading has now been pushed back until 15th June.