Reform of retentions
Who backs reform of retentions?
- Reform of cash retentions in construction is supported by a broad range of politicians, business bodies, construction trade associations, and professional bodies.
- Business bodies in support include the Federation of Small Businesses, the Institute of Directors and British Chambers of Commerce.
- There is broad cross-party support for reform, with supporters from Conservatives, Labour, Liberal Democrats, SNP, DUP, Plaid Cymru and the Green Party. Supporting MPs represent 18 million people in constituencies covering the whole of the UK.
- Some of the senior MPs supporting retentions reform include: Ken Clarke, Vince Cable, John McDonnell and 15 select committee chairs.
- The BEIS select committee published a report on ‘Small businesses and Productivity’ in December 2018, calling for cash retentions to be held in independent accounts.