HC Deb 23 November 2001 vol 375 cc584-5W
Mr. Flight

To ask the Chancellor of the Exchequer (1) what the total venture capital investment was in real terms in the last year for which information is available in each region of the United Kingdom; [15940]

(2) how much venture capital was invested in real terms in UK companies in each year since 1992. [15939]

Mr. Boateng

No official statistics are published on venture capital investment. Information is, however, collected by the British Venture Capital Association, and is available from its website, www.bvca.co.uk.

Mr. Flight

To ask the Chancellor of the Exchequer what the total venture capital investment was as a percentage of GDP in the last year for which information is available in each member state of the European Union. [15941]

Mr. Boateng

No official statistics are published on venture capital investment broken down by EU country. Information is, however, collected by the European Venture Capital Association and is available from its website, www.evca.com. GDP figures for EU members are available from Eurostat, www.europa.eu.int/comm/ eurostat.

Mr. Flight

To ask the Chancellor of the Exchequer what discussions he has had with the competition authorities of the European Commission on the Community investment scheme for venture capital subsidies in deprived areas; and if he will make a statement on compatibility of the proposals with European competition law on state aid. [15952]

Mr. Boateng

The Government are confident that their proposals are compatible with state aid regulations.

Mr. Flight

To ask the Chancellor of the Exchequer how he will define disadvantaged areas in relation to the operation of the community investment scheme for venture capital subsidies in deprived areas. [15951]

Mr. Boateng

I assume this question refers to proposals for a community development venture fund. The Government expect the operations of the community development venture fund to focus on the most disadvantaged areas in England as defined in the DTLR's index of multiple deprivation. The Government regard this a robust indicator of deprivation as it incorporates measures of:

  • Income
  • Employment
  • Health, Deprivation and Disability
  • Education, Skills and Training
  • Geographical Access to Services
  • Housing.

Officials are still working on the details of the restrictions, which will require state aid approval.