4. Statement by the Minister for Finance and Trefnydd: Update on the Welsh Mutual Investment Model

Part of the debate – in the Senedd at 3:55 pm on 5 February 2019.

Alert me about debates like this

Photo of Hefin David Hefin David Labour 3:55, 5 February 2019

I find myself a very skeptical voice on this issue regarding the mutual investment model. Although, I have to say, having taken the opportunity to speak to the Minister's officials on two occasions, I'm somewhat reassured about both the reporting mechanisms and the detail of the commercial approval point checks that will be taking place and also project agreements and reporting mechanisms that will be associated with those. So, there is reassurance, but I think it has been a rather well-kept secret by the Welsh Government as to how these things will happen until recently. The accessibility and information on the mutual investment model could have been much better, although now I've found that on the beta.gov.wales page there is a mutual investment model explanation. There are six paragraphs of relatively straightforward public information together with technical documentation. However, if I was a parent whose child's school was going to be built using mutual investment model funding, I wouldn't be reassured by language that the Minister used in her statement. For example:

'This investment will be on pari passu terms, with private equity investors.'

And

'we have agreed that, for the next phase of the twenty-first century schools and education programme, we will increase the intervention rates for both capital and mutual investment model-funded projects.'

I don't think that's very public facing and I don't think it gives much assurance to those parents of children who will be in twenty-first century band B schools. Therefore, what plans does the Government have to make accessible the information regarding the mutual investment model while projects are being prepared, and particularly while they are being delivered and afterwards? There must be plans to make accessible that information to those people who have concerns but have no interest in technical information.