Tag : MP Peter Aldous
Urgent action to ensure better payment security within the construction and building services sector is required to tackle fears over thousands of industry insolvencies over the last year.
The Scottish Government has announced it has more than halved the threshold for mandatory use of project bank accounts in public works projects to £2m.
Parliament’s Business, Energy and Industrial Strategy (BEIS) Committee has urged the government to bring forward proposals to introduce mandatory project accounts with a mechanism to independently release cash retentions owed to contractors.
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.
BESA has said that more than 60 construction and maintenance trade bodies have now lent their support to the Construction (Retention Deposit Schemes) Bill that was introduced to parliament in January as a means to reform payment within the construction supply chain.