Lord Kinnock

An evaluation of the venture capital schemes was undertaken in 2022. These were published on gov.uk 1.

The Government is committed to ensuring early-stage, innovative companies have access to the investment they need to grow and develop. These schemes provide a range of tax reliefs to encourage investment in higher-risk, early-stage companies which face the biggest challenges in accessing growth capital.

The Government legislated on 3 September to extend the UK venture capital tax relief sunset clause, from April 2025 to April 2035.

[1] Evaluation of Venture Capital Schemes - GOV.UK

HS2 is a heavy rail programme. The UK Government is responsible for heavy rail infrastructure across England and Wales, so spends money on this in Wales rather than funding the Welsh Government to do so through the Barnett formula. This approach is consistent with the funding arrangements for all other policy areas reserved in Wales, as set out in the Statement of Funding Policy.

The Government remains committed to heavy rail schemes in Wales, by providing funding for both operations, maintenance and infrastructure, and enhancement schemes such as modernising Cardiff Central Station.

Conversely, Crossrail is a local transport project. Since local transport is devolved to the Welsh Government, the Barnett formula is applied in the usual way when the Department for Transport is allocated additional funding for Crossrail.