Sector - Finance & Legislation
SNIPEF Welcome HS2 Decision
The Scotland and Northern Ireland Plumbing Employers’ Federation (SNIPEF) has welcomed a decision from HS2 to support its supply chain throughout its massive rail contract by agreeing to project bank accounts (PBAs) for key projects in Phase 1.
Using PBAs provides a more transparent and speedier way to make payments for companies at all levels of the supply chain. Payments are made from one pot and do not have to cascade through multiple tiers of contractors.
Fiona Hodgson, Chief Executive of SNIPEF, said: “This is excellent news and something that the construction industry in Scotland has been calling for over many years. It is especially welcome since the HS2 project will generate an estimated 400,000 contracts across its supply chain and two thirds of these will be with SMEs.
“It is our hope that the acceptance of PBAs by such a flagship project will act as an exemplar for all construction projects, major and minor, in future.
“The announcement is also, I believe, an acknowledgement of the hard work done by the Specialist Engineering Contractors (SEC) Group, of which SNIPEF is a member, which has been lobbying for PBAs over recent years.”
SNIPEF is a trade association for plumbing and heating businesses based in Scotland and Northern Ireland. It has over 750 member firms which together employ more than 3,500 plumbers. Since its establishment, it has provided professional and practical assistance to plumbing and heating businesses in both jurisdictions.
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