WiredGov Newswire (news from other organisations)
Wales Audit Office - Welsh Government needs a more coordinated approach for managing financial support for business
The Welsh Government didn’t fully translate its vision for economic renewal into a coordinated programme of financial support to businesses, instead focusing on managing individual projects. It also needs to demonstrate more clearly what this support achieves.
That’s the conclusion of a report by the Auditor General for Wales. The Welsh Government is beginning to overhaul its approach to providing financial support to business, through a new strategic vision.
The Welsh Government’s Sectors and Business team committed around £219 million between April 2014 and March 2017 to help businesses create or safeguard jobs and spent just over £167 million during that same period. This funding has supported a range of industries - including manufacturing, construction, the creative industries and life sciences. Awards to large businesses tend to attract publicity but half of the new finance awarded was to support jobs in small and medium-sized enterprises. Although there have been some high-profile business failures, most of the other projects supported met their objectives and, where they did not, the Welsh Government recovered around half of the funds provided.
But the report found that there has been a lack of clarity for some businesses about what Welsh Government financial support is available and how to access it. It also concludes that the Welsh Government has monitored individual projects separately but has not managed financial support to businesses as a programme or reported routinely on what its support achieves overall.
The report found that current information systems do not make it easy for the Welsh Government to give a full picture of the financial support that is given and its impact. The Welsh Government is now starting to overhaul its approach to providing financial support to business through a new strategic approach and operating model.
The report calls on the Welsh Government to develop a more coordinated programme, supported by comprehensive and timely management information, and a clearer approach to define and manage acceptable levels of risk at a programme level.
Auditor General, Adrian Crompton said: “The Welsh Government must be able to demonstrate clearly and transparently how its financial support to businesses provides value for money, both by improving the economy and contributing to wider well-being objectives. The current approach is too piecemeal. However, if the Welsh Government implements my recommendations, it can improve this position as it develops arrangements to support its new Economic Action Plan.”
Latest News from
WiredGov Newswire (news from other organisations)
FRC: Withdrawal of Practice Notes 25 and 2712/12/2018 16:20:00
The Financial Reporting Council (FRC) has withdrawn Practice Note 25 Attendance at Stocktaking and Practice Note 27 The Audit of Credit Unions in the United Kingdom.
FRC issues revised auditing standard and consults on guidance for quality bank audits12/12/2018 13:20:00
The Financial Reporting Council (FRC) has issued an International Standard on Auditing Accounting Estimates and Related Disclosures, covering the audit of expected credit losses in banks and which reflects the increased importance and complexity of estimates in financial statements.
CBI: UK is front runner as largest western investor in India11/12/2018 13:20:00
The United Kingdom has strengthened its investments in India to become the largest single western investor, according to the CBI and Grant Thornton India’s Sterling Assets: Britain Meets India report.
Audit Scotland - 'Urgent need' for NHS Tayside to set out financial plans11/12/2018 12:40:00
Urgent action is needed to address NHS Tayside's financial position amid ongoing changes to the make-up of its leadership team, says the Auditor General.
LGA: Response to The King's Fund report on home care services11/12/2018 11:40:00
Responding to a report by The King’s Fund and the University of York on home care services Cllr Ian Hudspeth, Chairman of the Local Government Association’s Community Wellbeing Board, said:
CBI: UK digital revolution in danger of buffering11/12/2018 10:42:00
The CBI has commented on the launch of the Wates Principles, a new voluntary corporate governance code for large private businesses.
LGA - Suffrage pioneer history e-book launched11/12/2018 09:40:00
Women who successfully campaigned for the right to vote have been recognised in a definitive list of 100 pioneers published in a special e-book.
Children account for more than one third of Ebola cases in eastern Democratic Republic of the Congo – UNICEF11/12/2018 08:40:00
Children now account for more than one third of the Ebola cases in affected regions of the eastern Democratic Republic of the Congo (DRC), UNICEF said today. The UN children’s agency also reported that one in ten Ebola cases is under five-years-old, while children who contract the Ebola virus are at higher risk of dying from the disease than adults.
UK Space Agency: The sound of Mars10/12/2018 17:12:00
A UK instrument has captured the first sounds ever recorded directly from Mars.