Taylor Wimpey : launches Pay It Forward scheme for sub-contractors

British homebuilder Taylor Wimpey will make advance payments to subcontractors for work to be completed in future under a new scheme aimed at propping up self-employed workers forced to stay home by the coronavirus lockdown.

The company, Britain's third largest builder of new homes, said the "Pay It Forward" scheme aimed to support tradesmen waiting for government aid payouts or who did not qualify for them, and sought to prevent the kind of financial collapse which many experienced after the 2008 financial crisis.

Payments would be made only to contractors who have a long-term relationship with the company, it said.

"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," Chief Executive Pete Redfern said.

(Reporting by Samantha Machado in Bengaluru; Editing by Patrick Graham)