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 — Department for Transport: Railways: Freight (19 Mar 2018)
Daniel Poulter: To ask the Secretary of State for Transport, what plans are in place to ensure the timely delivery of the Felixstowe-to-Nuneaton freight rail link.
NHS Wholly Owned Subsidiary Companies — [Mr Philip Hollobone in the Chair] (6 Mar 2018)
Daniel Poulter: The Minister is slightly at odds about the point being made. The point is not how it is open to the trust to procure the best clinical services but how, later, through a company, staff might be re-employed on a lower salary. Clearly, trusts already have flexibility through “Agenda for Change” to start people on a higher pay point, but I wondered more generally whether my hon....