"The £74m invested in Regional Venture Capital Funds has lost 92% of its value," said the Liberal Democrat Shadow Business Secretary.
Commenting on today’s National Audit Office report on the Government’s venture capital support schemes for small businesses, John Thurso said:
“The report’s findings make shocking reading.
“The Government has created 28 different funds using taxpayers’ money for nine years without any idea of what it wants to achieve. No private investor would demonstrate such a cavalier attitude to investment.
“Funds created by Government are performing significantly worse than their private sector equivalents. The £74m invested in Regional Venture Capital Funds has lost 92% of its value.
“We need to connect private investors with promising businesses by creating Local Enterprise Funds and Regional Stock Exchanges so that Government facilitates investment rather than squandering it.”