AECB News : The AECB gives its support for the Aldous Bill
Cash retentions in the construction industry
The AECB are supporting this important piece of legislation. On 24 October, the Department for Business, Energy and Industrial Strategy began a consultation, which ended on the 18th January, on the practice of cash retentions in the construction industry. That followed an independent and long-awaited review which confirmed that retentions are a critical issue that affect the viability and productivity of small and medium-sized enterprises in the construction supply chain. They also increase the cost of construction. Across the industry, there is very strong support for putting a solution in place now, with specialist engineering contractors recommending that a statutory ring fence of retentions is the best option.
Further information can be found here