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Commenting on today’s National Audit Office report on the Government’s venture capital support schemes for small businesses, Liberal Democrat Shadow Business Secretary, John Thurso said:
“The report’s findings make shocking reading.
“The Government has created 28 different funds using taxpayers’ money for nine years without any idea of what it wants to achieve. No private investor would demonstrate such a cavalier attitude to investment.
“Funds created by Government are performing significantly worse than their private sector equivalents. The £74m invested in Regional Venture Capital Funds has lost 92% of its value.
“We need to connect private investors with promising businesses by creating Local Enterprise Funds and Regional Stock Exchanges so that Government facilitates investment rather than squandering it.”
2 comments:
Unfortunately the Welsh Audit Office currently isn't going to investigate South Wales Police Authority or a number of Councils who have had monies invested in the failed Icelandic Banks
The Welsh Audit Office is more concerned with process than policy. Besides, it would be difficult to criticise councils for investing in high-interest bearing accounts, when that was what the government advised them to do.
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