Construction: Finance

Department for Business, Energy and Industrial Strategy written question – answered on 17th May 2022.

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Photo of Debbie Abrahams Debbie Abrahams Labour, Oldham East and Saddleworth

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has plans to reform the practice of retentions payments in the construction industry.

Photo of Debbie Abrahams Debbie Abrahams Labour, Oldham East and Saddleworth

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the scale of the loss of retention monies by construction small and medium sized enterprises since January 2018.

Photo of Lee Rowley Lee Rowley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Government Whip, Lord Commissioner of HM Treasury

While difficult to measure fully and comprehensively, the Government is aware of this important issue and continues to work with both officials and the Construction Leadership Council to implement a solution.

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