Retentions bill moves to second reading
UK: Following this week’s first reading, the second reading of the bill to protect retention monies under the Construction Act has been scheduled for April 27.
The Construction Retention Deposit Schemes Bill, also known as the Aldous Bill after its presenter Peter Aldous MP, seeks to ensure retention money is held in a deposit protection scheme – thus ending the issue of upstream insolvency and the working capital it takes from the industry and SMEs.
The bill has attracted cross-party support from the Conservative Party, Labour Party, Scottish National Party, Democratic Unionist Party and the Green Party.
The UK contractors’ group BESA and the other supporters of the bill will now be lobbying government and a range of politicians to ensure that the bill gets the time it needs for a second reading.