Dr Dan Poulter was today pleased to support neighbouring Suffolk MP, Peter Aldous as he introduced his Ten Minute Rule bill to the House of Commons concerning the ring fencing of cash retentions for Small and Medium Enterprises (SMEs) in the construction industry.
Research commissioned by the Department for Business, Energy & Industrial Strategy (BEIS) revealed that over a 3-year period £7.8bn worth of retentions was outstanding for small businesses. Cash retentions are withheld as security in case a firm fails to return to rectify non-compliant work. However the monies are primarily withheld to bolster the working capital of the party withholding them. Furthermore the practice gives rise to widespread abuse with the monies being withheld for three and more years.
If successul, this Bill would secure and release on time these retentions by way of a deposit scheme.
Here in Suffolk, and across the UK, SMEs are the backbone of our economy and Dr Dan was pleased to work with Mr Aldous to hopefully bring about this change in legislation, which will ensure greater support and protection for small businesses in the construction industry.
The bill passed its first reading stage and will now have its second reading on Friday 27th April 2018.
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Written Answers — Ministry of Housing, Communities and Local Government: Planning Authorities (22 Feb 2018)
Daniel Poulter: To ask the Secretary of State for Housing, Communities and Local Government, whether he plans to introduce penalties for local planning authorities that fail to introduce a five-year land supply.
Free School Meals/Pupil Premium: Eligibility (6 Feb 2018)
Daniel Poulter: Does the hon. Lady agree that the more we spend on the administration costs of the proposed system, the less money will go towards the pupils? Having an easier system would mean we could spend more of the money on what it should be spent on: the meals that we want children to have.