§ Mr. David NicholsonTo ask the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on the progress of the know-how fund's training for investment personnel scheme; and if he will make a statement.
§ Mr. Douglas HoggThe training for investment personnel scheme was introduced in August 1990 as the second of two investment support schemes for British business under the auspices of the know-how fund. To date 120 businesses have taken up TIPS grant offers totalling £2.89 million. Further details about the scheme are in the answer given by my hon. Friend the Parliamentary Under-Secretary of State to the hon. Member for Monklands, West (Mr. Clarke) on 17 December 1993 at columns923–24.
In the light of the growing demand for grant from British business since 1990, we have decided that the scope and criteria of the scheme should remain, but that in the future the basis for approving grant should be the number of trainees trained, with a ceiling of 70 per cent. on the proportion of eligible costs met. Small companies are likely to qualify for the higher rate of grant. The maximum amount of grant available for all applications will continue to be £50,000.
These changes will take effect on 1 June.