Allan’s Legacy Failure – But We Pay Millions!

NEWS FROM THE CELTIC LEAGUE

They are going to be discussing the Enterprise Development Fund (EDF) in Tynwald again this week Chris Thomas MHK and the Lib Vannin members who were the only ones to oppose the ill thought out plan will try to engage in damage limitation by getting some accountability (see link):

https://www.energyfm.net/cms/news_story_412637.html

Now I know I’m always referring to the fact that it is admitted that on the basis of experience of these EDFs elsewhere a good proportion of the money will very likely be lost but its worth recording what the Chief Minister had to say when the matter was discussed and approved by the majority of the clowns in Tynwald back in October.

So here’s Allan admitting up to £15/18 million of your reserves may be just chucked into a pocket marked ‘business conmen’:

“The Chief Minister: I just want to also emphasise again, or clarify the point I made this morning, when I talked about the 30% failure rate. The point I was making was that this was an issue raised with us by the Enterprise Ireland Chief Executive. This was their expectation within the Irish fund. The expectation was – indeed, the experience was – that they achieved a 30% failure of the fund. It was not a target, this was just the experience they had. I do not believe, for a moment, that this fund should be set up with the expectation that we are going to encourage failure, but what I am saying is – and I do not know what our figure might end up to be – we have, as I have said earlier, got to give new business the oxygen to grow and, within that, there will be failure. If we continue, perhaps, some of the positions we have struck in the past, where we are looking for guaranteed success, or heads on a plate if something goes wrong, then we are going to kill this whole initiative right from day one. We have got to be mature in our approach to this.”

So there you go ‘we have got to be mature’! I suppose it’s easy to be mature when you are spending millions of pounds of public money.

I hope Messrs Thomas et al enjoy some success in trying to get some rigor in this process however the damage has been done and it’s really an attempt by them to bolt the stable door after COMIN and the other clowns have let the horse loose.

Bell said:

“I do not believe, for a moment, that this fund should be set up with the expectation that we are going to encourage failure, but what I am saying is – and I do not know what our figure might end up to be – we have, as I have said earlier, got to give new business the oxygen to grow and, within that, there will be failure.”

This will be the legacy of his government ‘failure’ a legacy we pay for!

BERNARD MOFFATT

Issued by: The Celtic News

15/02/16

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