Part of 1. 1. Questions to the Cabinet Secretary for Economy and Infrastructure – in the Senedd at 1:45 pm on 5 October 2016.
It seems to me, Llywydd, a bit like the tax cut that we were offered the other day. This is a not-for-profit operator in name only. One of the other commitments in the programme is to create a Wales development bank, which was born out of dissatisfaction with the way in which Finance Wales was being run. We now know that Finance Wales is bidding to deliver the new Wales development bank. One of those criticisms by the access to finance review group was that Finance Wales were managing funds wholly outside of Wales, diverting their attention from their primary purpose and effectively operating as a quasi-private company. Can I ask the Cabinet Secretary if he is aware that Finance Wales is currently bidding to run the Northern Powerhouse investment fund? Isn’t this completely inconsistent with the recommendations in terms of the development bank that it’s bidding now to run as well? Would he reconvene the access to finance task group so that they can review the business plan that Finance Wales are putting forward so that we can see that it is consistent with the recommendations that were actually supported by a resolution of this Assembly?