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NEWS
Actuate UK joins forces with Welsh business to promote project bank accounts
A
ctuate UK has been working with Welsh Construction Forum and the Welsh
Government on practical measures to help increase the adoption of project bank account (PBAs) across public sector contracts. The easy ‘how to’ guide – which is now published via Welsh Government and is also available on Actuate UK website - provides a clear step by step process on how public clients and Tier 1 contractors can set up a project bank account. One of the key requirements of the Welsh Government and Construction Forum established by the Welsh Government during the Covid-19 pandemic was to support the construction sector in particular with the certainty of future work pipeline and efficient procurement
and payment processes. Deputy Minister for Climate Change, Lee Waters said: ‘I’m delighted that these simple to use Project Bank Accounts Guidelines have come out of the Construction Forum. These guidelines provide confidence to clients, contractors and small businesses regarding payments especially during these extraordinary times. The guide complements the detailed information and training available via Business Wales and Welsh Government.
“I am delighted that already some Local Authorities and contractors have used the guidelines to great effect and look forward to working with the construction sector to ensure a stable sustainable thriving sector in Wales.”
Michelle Morgan-Loughman, Actuate UK Wales representative thanked the Welsh Construction Forum and its chair, the Minister Lee Waters MS, as well as the Welsh Construction Federation Alliance for supporting the guide. She added: “It has been over three years since the Welsh Government mandated project bank accounts (PBAs) and its usage has already protected many Welsh SMEs in the construction supply chain from late payments and cashflow insecurities. This easy step by step guide will ensure wider adoption as this practice is embedded in public procurement and help the industry recover from the pandemic. We will continue our work with the Welsh Government to lower the threshold for using project PBAs from £2million to £1million.
The long term aim of Actuate UK in Wales is for PBAs to become statutory across the whole of Welsh construction.”
Peter Davies, Director of CMB
West Ltd, an active member of Actuate UK Wales, welcomed the initiative: “Project bank accounts provide companies of all sizes in the construction supply chain the security of prompt payment avoiding costly delays and concentrating our resources in delivering high-quality projects for our clients. PBAs in Welsh Public Sector construction have gained significant momentum with almost £1bn of construction and infrastructure projects now using them. We hope that this practical guide will increase their take up across the industry.”
AD
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