Aren\’t we lucky little people?
The Government\’s going to spend some of our money on a structural investment fund or summat. And a Green investment fund. And decide whether banks should be forced to lend to SMEs.
So, how well have they done with previous such funds and ideas?
Taxpayers have lost 93 per cent of their investment in regional venture capital funds since 2000, according to a report from the House of Commons public accounts committee.
A critical report from the parliamentary spending watchdog said the £74m invested in an effort to plug a perceived equity gap for small firms, is now worth only £5m.
The regional venture capital funds (RVCF) were among the worst performers among those backed by the Department for Business, with an internal rate of return of -15.7 per cent.
Ah, they\’re entirely crap at it. So it\’s a jolly good thing we\’re giving them more money, isn\’t it?