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 Business, Energy and Industrial Strategy: Alternative Fuels: Heating (1 Aug 2018)
Daniel Poulter: To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps the Government has taken to support the oil heating industry in their work to develop a low carbon liquid fuel alternative to kerosene.
Written Answers — Department for Business, Energy and Industrial Strategy: Alternative Fuels: Heating (27 Jul 2018)
Daniel Poulter: To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Public Accounts Committee report on renewable heat incentive in Great Britain published on 16 May 2018, what steps his Department is taking to identify low cost heat alternatives for off-grid homes.