Question to the HM Treasury:

To ask His Majesty's Government whether they plan to undertake an audit of the usefulness and results of the Enterprise Investment Scheme and the Venture Capital Trust scheme with regard to (1) their value for public money, sustained investment, employment and innovation, and (2) recommendations about the continuation and development of the schemes.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

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

Question to the HM Treasury:

To ask His Majesty's Government why the cost of Crossrail in England justified consequential proportionate funding for Wales while the construction of HS2 in England does not.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

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.

Question to the Department for Energy Security & Net Zero:

To ask His Majesty's Government what assessment they have made of the Competition and Markets Authority (CMA) report into the proposed subsidy to the Cromarty Firth Port Authority under the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS), published on 12 November, and when they expect to receive a report from the CMA in respect of the proposed FLOWMIS subsidy to Port Talbot.

Answered by Lord Hunt of Kings Heath - Minister of State (Department for Energy Security and Net Zero)

We are considering the recommendations set out in the Competition and Markets Authority report on the Port of Cromarty Firth FLOWMIS grant proposal. We intend to submit a subsidy control assessment for ABP Port Talbot’s proposal soon.

Question to the Department for Energy Security & Net Zero:

To ask His Majesty's Government what progress they have made with implementing the Floating Offshore Wind Manufacturing Investment Scheme to enable the development of port infrastructure for the successful bids from Port Talbot and the Port of Cromarty Firth.

Answered by Lord Hunt of Kings Heath - Minister of State (Department for Energy Security and Net Zero)

We are currently finalising grant terms and conditions with Port of Cromarty Firth, following the subsidy control process. We intend to submit a subsidy control assessment for ABP Port Talbot’s proposal soon.