Tag : BESA
BESA and the ECA hope to step up pressure on the government to overhaul cash retentions by calling for the introduction of mandatory third-party deposit schemes in a joint response to a recent consultation.
Business secretary Greg Clark has welcomed commitments from several banks to support small businesses facing financial difficulties as a result of the collapse of Carillion earlier this week as specialist contractors seek to assess longer-term impacts on their operations.
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.
MP Peter Aldous has presented the first reading of the Construction (Retention Deposit Schemes) Bill in parliament today that seeks to amend existing regulation to put a statutory obligation on any group withholding cash retentions to use an approved deposit scheme.