Should the UK adopt New Zealand's retention escrow model instead of banning retentions?

The UK government announced in late March a total ban on retentions in construction contracts, which currently hold back 3-5% of contract value as security against defects for developers. Subcontractors face cashflow risks and insolvency threats from withheld funds. Industry voices suggest New Zealand's escrow model, which protects supply chains without starving developers of working capital, as a preferable alternative.