§ Mr. Ron DaviesTo ask the Prime Minister, pursuant to his announcement of a new £50 million enterprise fund on 6 July, what provision is being made for Wales. [91420]
§ The Prime Minister[holding answer 15 July 1999]: On 6 July, I launched a consultation on proposals for support for the creation of Regional Venture Capital Funds in England. The proposed support will form one element of a package of measures to support small and medium enterprise finance. This package will be funded through the Department of Trade and Industry's Enterprise Fund, announced in the 1998 Competitiveness White Paper (Cm 4176).
The legal basis for the new support is Sections 7 and 8 of the Industrial Development Act 1982. The power to provide support is a concurrent power, that is, it is shared by the Secretary of State and the devolved 375W administrations. Each administration therefore has the power to make similar assistance available to that proposed for England. Mechanisms to support venture capital in Wales are a matter for the National Assembly for Wales.
Other elements of the Enterprise Fund package of measures (including the Small Firms Loan Guarantee Scheme) will be made available by the Secretary of State for Trade and Industry across the United Kingdom, in consultation with the devolved administrations.