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Welsh Development Agency

Volume 979: debated on Monday 25 February 1980

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asked the Secretary of State for Wales what steps he will take to strengthen his control over the commitment of public funds by the Welsh Development Agency, in the light of its experience with its investment of £2 million in P. Leiner and son, made one month after the accounts of that company had been qualified by its auditors; and, in particular, whether he will ensure that the audited accounts of companies are made available to his Department before the Welsh Development Agency proceeds with commitments of £1 million or more.

Action is already being taken in the Industry Bill and in the new draft investment guidelines which gives me adequate control over the commitment of public funds by the agency. As I informed the House on 18 February, I have also asked the agency to concentrate its reduced investment budget on the small business sector.—[Vol. 979, c. 4.]