Wales: Economic Investment Projects

Lord Kinnock Excerpts

Tuesday 12th July 2016 Lords Chamber

[Lord O'Neill of Gatley]

My Lords, my simple answer is no, I cannot tell the noble Lord because I am not entirely sure what he is specifically referring to. I also point out—I look forward to discussions with the new Welsh Economy Minister—that the scope for devolution inside Wales greatly depends on decisions for them rather than us here in Whitehall.

[Lord Kinnock (Lab)]

My Lords, I ask the Minister a question to which he can provide an answer because he is not under today’s usual restrictions. In recent years, Wales has benefited significantly from loans at very low cost from the European Investment Bank. Participation in the work of that bank is not necessarily confined to members of the European Union. Can the Minister assure me that he and his colleagues in the Government will strive to ensure that the best possible conditions are achieved so that there is continuity of flow of investment—crucially needed in Wales, as demonstrated in Swansea University—in future years, regardless of our status in relation to the European Union?

[Lord O'Neill of Gatley]

My Lords, I thank the noble Lord for pointing out the specific legal status of the EIB for those unfamiliar with it. It is the case that any change to the EIB’s shareholder structure or lending activity is a decision for member states. It is important that we pursue discussions because, as I am sure the noble Lord is aware, lending in the UK right now is at record levels, covering more than 30 different projects.