Tuesday 8 December 2009

Labour has not done the business

Lobbydog noticed a long time ago that when the PM talked about numbers of businesses Labour had helped during the recession, he focused on those that had been able to defer taxes.

That’s all very well. But it struck me that deferring taxes was something companies sorted out themselves with the Inland Revenue, once Government had given the go ahead.

What about all the schemes involving action from DBIS, HM Treasury and banks.

I’m talking about the likes of the Capital for Enterprise Fund and the Working Capital Scheme. Initiatives that seemed to regularly pop out of Government departments like cuckoos from a cuckoo clock.

The Tories have been keeping their eye on this too it seems and sent over the following information. Lobbydog will be taking them to DBIS to see what they have to say.

Capital for Enterprise Fund

A £75 million fund to invest in small businesses needing equity, announced on January 14.

Only seven businesses have received money from the fund in its eleven months of operation.

BIS Working Capital Scheme

A scheme pledging £10 billion in guarantees to cover credit to businesses with a turnover of up to £500 million a year, announced January 14.

The Government provides banks with guarantees covering 50% of the risk on existing and capital projects worth up to £20 billion.

It was delayed for months, and then agreements were only signed with three banks (RBS, Natwest and Lloyds) for £2 billion, a fifth of the scheme’s original allocation.

Rosie Winterton recently announced that the remaining funding for this has been reallocated.

UK Innovation Investment Fund

A £1 billion scheme to invest in innovative business, announced 6 months ago.

No investments yet made. It has not appointed a fund manager.

BIS Trade Credit Insurance Scheme

The scheme allows suppliers which have seen trade credit reduced to buy taxpayer-guaranteed ‘top-ups’ worth up to £2 million, announced in April.

Some £5 billion in insurance was pledged, but only 72 firms have benefited. Only £13 million – or 0.4% of the £5 billion allocated to the scheme – has been handed out.

BIS Automotive Assistance Programme

The programme involves two forms of help for car manufacturers. One involves guarantees to unlock loans of up to £1.3 billion. The other involves loans or loan guarantees to support up to £1 billion of lending.

No loans have been made. A loan was offered to one car firm, but the company rejected because it thought it could get a better deal elsewhere.


BigBossMan said...

really?!! You mean Government schemes were load of publicity toss!? I'm speechless!! (e-hem)

Anonymous said...

Great list. I'll bookmark it for the next time the Labour opposition here tries to tell the Scottish government that something it started hasn't been carried through as promised.

Anonymous said...

Any figures for the Enterprise Finance Scheme?

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