Alan Brown, MP for Kilmarnock and Loudoun (SNP), has secured a Westminster Hall debate on the use of cash retentions in the construction industry on Thursday 27th February at 3pm.
The debate will argue that government should decide on a solution to the issue of cash retentions, following its public consultation in 2018. It will highlight the need for legislation that can protect cash retentions and remind of the risk for construction SMEs if no action is taken.
The Specialist Engineering Contractors’ (SEC) Group has been lobbying the government to introduce legislation to protect or ring-fence cash retentions to remove the insolvency risk and ensure that retentions are released on time. SEC Group is part of a consortium developing the Retention Deposit Clearing House scheme, along with Pay2Escrow, Costain, Northumbria University, insurance broker Willis Tower Watson and tech firm Trustworks.
The debate is expected to last 90 minutes and it will take place next Thursday in Westminster Hall at 3pm. It can also be followed on Parliament TV.