4. What consideration did the Minister give to the financial services sector in Wales when allocating the 2021-22 final budget? OQ56431

Over £14 million has been allocated to 870 businesses within the financial and professional service sectors from the economic resilience fund during 2020-21. We are also investing £270 million in the Development Bank of Wales to support businesses, and will continue to work with all sectors to consider what support is needed into 2021-22.

Well, Purple Shoots is a charity that helps people in Wales who can't otherwise access the affordable finance they need to start a business. They also work with self-reliant groups, creating opportunities for people furthest from employment or work. They're supporting or have supported many hundreds of small businesses right across Wales. However, they advise that although just £2 million of the hundreds of millions provided to the Development Bank of Wales would keep them lending for six years and create more than 1,500 jobs and 1,300 businesses, that funding excludes completely the client group they work with. What, if any, plans do you therefore have to make funds available for these brave, budding entrepreneurs, otherwise trapped at the starting line, where, as Purple Shoots say, 'It is so frustrating because we've seen such incredible courage, resilience and entrepreneurial thinking amongst our clients; they've kept going in the face of incredible hardship, many with no help at all, apart from the repayment holiday'?

Well, without knowing any more than you've described about the Purple Shoots, I would suggest that a potential avenue to look at would be the Wales flexible investment fund, which is designed to invest and generate new money, including in financial and professional services investment. And that fund has been extended in value to £0.5 billion, with a further injection of £270 million, giving the fund the firepower to maintain investment over the next 10 years. So, in the first instance, I would suggest that Purple Shoots explores that. However, if you were to share with me the contact details of the organisation, then I would be very happy to ask a representative from Business Wales to explore their needs in more depth.

Question 5 [OQ56452] was withdrawn. Question 6, Paul Davies.