, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
This is very important, obviously, and equity investment is a very skilled role, and I think the bank itself would say it had to manage some short-term challenges, thankfully, in relation to this, which may have had an impact on pace at various points. Those…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
I do think, yes. I mentioned at the start that I'm keen to press to make sure the risk is taken and that we are supporting more start-ups. There is absolutely no room for complacency here; I think we need to always be pushing to make sure we're doing…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Well, it's obviously important to align the interventions that we as a Government either do ourselves or support with the broader economic strategy of the Government. I think that probably goes without saying. I gave a statement yesterday, which I know you…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Well, the point I'm making to you is that it isn't for me to be in the detail of the due diligence process; that's a matter for the bank itself. We have a framework document, which provides, very importantly, that Ministers aren't involved in the operations…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Well, those are operational questions, so I think it's important that the bank operates as a bank, at arm's length from the Government, and it will have processes in place to undertake diligence in relation to the loans that it provides, and I think that's in…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Good morning.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Well, I do think it is important. I agree that it is an important function for the bank to support entrepreneurs, to support start-ups. That's pretty core to what the bank does, and I want to see that happening at scale. I don't think I agree that the entire…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
I'm not sure I recognise that point about not being active in the economy. I'm sure there'll be lots of small house builders who'd probably take issue with that characterisation. I think it's an important part of the work of the bank to support development in…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Well, I think the context for this question, I guess, is that there is, to some extent, a tension, isn't there? On the one hand, as I was saying earlier to Luke Fletcher, is the need for the bank, in order to fulfil its remit, to take more risk on the one…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Well, I think, just on the question of the service rather than the structure, for a moment, I do think there is good evidence that, whether you start from the point of view of getting business support and business advice and then graduate or move towards…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
It's a really interesting question. I do think that, from a business point of view, I imagine having the most streamlined offer is probably the most convenient offer, and I do think it is fair to say that there is a level of fragmentation. Business support…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
There's a range of things that we're going to discuss, I think, in today's committee, which I think you touched on with the bank themselves. I want to make sure the bank continues to do the work that it is doing—providing finance to start-ups, providing…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Okay, well, I think the big point is that that’s, I think, a positive thing for people to be asking for, because it suggests that the development bank is really valued as a fundamental part of the business finance ecosystem in Wales. So, I think the fact the…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
I'm not sure I can give you that level of confidence, Chair, I'm afraid. It has been a challenging discussion. I believe there is a solution that has been found either to an identical problem or a similar problem with the British Business Bank, but I'm not…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
This is, on one level, a complex question and a technical question, but it does have real consequences. It is to do, as I'm sure the committee is aware, with how the operations of the bank are classified for the purpose of the national accounts, how they’re…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Yes, it is.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
It's an arm's-length relationship, and so the framework document that governs the relationship with the bank provides for the foundation of the relationship. In general terms, that provides that Ministers are not involved in the day-to-day running of the…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 5 - Cabinet Secretary for Economy, Energy and Welsh Language
Thank you, Chair. Thank you for the welcome. Jeremy Miles, Cabinet Secretary for Economy, Energy and Welsh Language.
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
I thank Vikki Howells for those important questions. I have not yet read the two reports that she referred to, but I know of the work that she does in relation to former coalfield communities, so I will make sure that I do read those. I think that a…
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
Thank you to Jenny Rathbone for that. I think, previously, I've said that I think that education is the best economic policy. I think it's absolutely at the heart of giving people those opportunities throughout life. There are other degree apprenticeships, by…
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
I thank Mike Hedges. Can I just take up the point that he started his question with in relation to those key sectors that he spoke about? Actually, a feature of some of the successes that we have had in those sectors is the relationship between the founders…
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
There will be an element of consistency, in terms of priorities for Welsh language policy, with what has been seen in the past, but I'll be very happy to accept the Member's invitation to make a further statement, if the Llywydd would accept it. What I wanted…
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
I actually agree with what the Member said. I'm not a great one for inputs; I'm much more interested in outcomes from the policies that we bring forward. I would prefer to be measured on those rather than the inputs, so I take the Member's point to heart. In…
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
Thank you to Jack Sargeant for that. He's right to say this is an essential part of our competitive advantage in the future, our ability to make sure that all parts of our economy are decarbonised and that we have a truly sustainable economy into the future…
, Plenary
Statement by the Cabinet Secretary for Economy, Energy and Welsh Language: Our economic future
I thank Luke Fletcher for those comments and for the initial welcome, at least, that he gave to the statement and the common ground that he identified. I would take issue with him in relation to his opening remarks. You can see in any number of the approaches…
