HC Deb 02 February 1984 vol 53 cc296-7W
Mr. Blair

asked the Secretary of State for Trade and Industry if, once the north-east board of the British Technology Group is wound up, he will take steps to assist the formulation of a private sector agency capable of fulfilling the need for equity investment and financial support of the companies within the present British Technology Unit Board's portfolio.

Mr. Butcher

The BTG will continue to manage the investments within its portfolio, including those made by its regional boards, until they can be disposed of to the private sector. The BTG was required under its 1980 guidelines to attract maximum private sector participation into all its investments and it will now be for the private sector alone to judge which projects are worthy of support.

Mr. Foster

asked the Secretary of State for Trade and Industry if he is satisfied that other agencies will be able to act as intemediaries in negotiations for regional funding from the European Commission, in the event of the demise of the British Technology Group's regional boards in the Northern region.

Mr. Trippier

I shall reply to the hon. Member as soon as possible.

Mr. Foster

asked the Secretary of State for Trade and Industry (1) what plans he has to safeguard the 4,500 jobs in the Northern region affected by the phasing out of the British Technology Group's regional boards;

(2) if he has plans to offer aid to those companies affected by the phasing-out of the British Technology Group's regional boards in the Northern region;

(3) what consultations he had with those companies whose aid will be withdrawn when the British Technology Group's regional boards in the Northern region are phased out.

Mr. Butcher

Although the BTG's regional boards will no be making any more new investments under the regional role, this does not mean that funds will be withdrawn from companies in which the BTG already has an interest. The BTG will continue to manage these investments until they can be disposed of to the private sector.