blog header image

Posted : 16 Apr 2020 at 11:43:33
Category: News

Share this article

Taylor Wimpey to loan self-employed £600 a month

Taylor Wimpey has opened a £5m hardship fund for self-employed trades to tide them over while they wait to be paid through the Government’s income support scheme.

Peter Redfern pledges to support key self-employed workers

The house builder said it would pay out £600 a month for three months in interest-free loans to around 2,750 workers, although the scheme could be topped up further to meet demand.

Individuals must work for subcontractor firms that have been approved by the house builder.

The payments from the Taylor Wimpey Pay It Forward Scheme will be recovered against future work carried out on site.

Chief executive Pete Redfern said that during the financial crisis in 2008-2010, many of Taylor Wimpey’s subcontractors were unable to continue trading or operating, and the individuals employed by them left the industry.

In the face of COVID-19, he praised the Government’s support scheme for self-employed and small businesses and said Taylor Wimpey would play its part to help bridge the gap between now and when the assistance schemes came into effect.

Redfern said: “Taylor Wimpey has managed its business in a conservative and cautious way in recent years which, together with the additional liquidity measures we have put in place during this crisis, means we are resilient and able to support our partners.

“Supporting those we rely on is not only the right thing to do but will help ensure we emerge from the COVID-19 pandemic in the best possible place with our community of trades people ready to help us resume the building of much needed high-quality homes for our customers, when we are all in a position to do so.”

Redfern said Taylor Wimpey aimed to keep in close contact with subcontractors and suppliers.

He said: “Our national procurement team is starting weekly update sessions with all of our major suppliers and, when the time is right, we will plan our return to work in a safe and well-managed way in partnership with our suppliers.”

SIMILAR NEWS

blog header image
NEWS
CONSTRUCTION GROWTH SLOWS AS COSTS “GO THROUGH THE ROOF”

The pace of construction growth slowed in August as buyers reported near record rises in input cost inflation.       The bellwether IHS Markit/CIPS UK Construction PMI Total Activ ...

blog header image
NEWS
SUBCONTRACTORS HIT OUT AT HMRC OVER SLOW VAT REPAYMENTS

Specialist contractors have hit out at HMRC over the time it takes to reclaim VAT payments following a controversial change in the tax regime earlier this year. The “domestic reverse charge&rd ...

blog header image
NEWS
LABOUR COSTS ‘BREAK RECORDS’ AS VACANCIES SOAR

Recruiters have reported “record-breaking” increases in labour costs as new data shows vacancies hitting fresh highs. Between May and July, there were 38,000 vacancies in the construction ...

blog header image
NEWS
TIMBER SHORTAGE DUE TO 'UNPRECEDENTED' POST-LOCKDOWN DEMAND

The price of timber has risen sharply with builders struggling to get supplies, as post-lockdown construction and DIY projects create huge demand. The Timber Trade Federation (TTF) said supplier ...

blog header image
NEWS
UK CONSTRUCTION FACES ‘PERFECT STORM’ AS SUPPLY SHORTAGES LOOM

UK construction is facing a “perfect storm” of growing skills and materials shortages as demand for building reaches record levels driven by home improvements, the housing market and new i ...

blog header image
NEWS
DEMAND FOR CONSTRUCTION WORKERS CLOSE TO 20 YEAR HIGH

The staff shortage in construction is continuing to bite, with 33,000 job vacancies for the period of April to June according to the latest figures from the Office for National Statistics. It is the s ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory