§ Mr. EnnisTo ask the Secretary of State for Trade and Industry if he will make a statement on the establishment of the Coalfields Enterprise Fund. [108730]
§ Ms Beverley HughesI have been asked to reply. The Coalfields Task Force Report "Making the Difference" set out a programme of actions to combat the deprivation now faced by the coalfield communities. One of the recommendations was the creation of a fund to provide loans and equity investment to Small and Medium Enterprises (SMEs), with high growth potential in the coalfields.
On 1 December 1998, at a Coalfields Conference in Peterlee, County Durham, the Deputy Prime Minister agreed to this recommendation and set aside £15 million to invest in the Coalfields Enterprise Fund.
The development of the Fund, by English Partnerships on behalf of the Department of the Environment, Transport and the Regions is well advanced and the target is for the Fund to be operational in the spring.