Business Transactions: Cash Retentions
Debate between Bill Esterson and David Simpson(8 years, 10 months ago)
Westminster HallRead Full debate Read Hansard Text
Westminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Bill Esterson (Sefton Central) (Lab)
I congratulate the hon. Gentleman on securing this debate. He mentioned subcontractors. May I quote to him a subcontractor in my constituency—Steve Murray, the managing director of W T Jenkins? He told me:
“Cash retention is harming our sector and our company in particular. We have to wait far too long for the retentions, if we receive them at all. We have lost a lot of revenue over the last five years due to many companies going into administration and taking our monies with them.”
On Monday in his office, Mr Murray showed me a shelf full of files about firms that owe him money, in some cases for more than eight, nine or even 10 years.
David Simpson
Again, I agree with the hon. Member. I could do exactly the same thing in my constituency and I am sure that other Members could do the same in their constituencies. This situation is unacceptable and we will address it as we go through the debate.