Retentions

Home/Tag:Retentions

MPs question Government over cash retentions

SNP MP Stuart C. McDonald has urged the Government to reveal how they are going to deal with cash retentions, an issue affecting the livelihood of small firms in the construction industry. The Member for Cumbernauld, Kilsyth and Kirkintilloch East yesterday (27/06/2017) questioned the Department of Business Energy and Industrial Strategy: “What the Government’s policy [...]

2017-07-07T15:43:58+00:00 29 June 2017|Articles, Press Statements|

Manifesto for the Built Environment supply chain

A future Government and Parliament should commit to three-points for a world-leading UK specialist engineering supply chain in the built environment: Bring legislation to protect all retention monies in a ring-fenced account, as first step towards zero retentions by 2025, and prioritise review of the ‘Construction Act’. From 2021 all publicly-funded built environment work over [...]

2017-05-05T17:13:04+00:00 2 May 2017|Articles, Press Statements|

Over £1bn cash retentions held from UK top construction companies: SMEs mainly at risk

An analysis of the accounts of the UK’s top 12 construction companies has revealed that the 9 which published separate figures for retentions are owed more than £800m, indicating that the 12 together are owed over £1 billion of cash retentions.  The analysis was carried out for leading construction representative body, the Specialist Engineering Contractors’ [...]

2017-02-16T17:47:47+00:00 16 February 2017|Articles, Press Statements|