Private investment sought for Wales

(First Edition)

JOHN REDWOOD, a leading Thatcherite, yesterday said he was looking for more private-sector investment in the Welsh valleys as he announced the continuation of a pounds 1bn programme, writes Colin Brown.

The Secretary of State for Wales said the ratio of government to private spending on the Welsh valleys was roughly equal over the first five years, but he wanted to see the private sector investing pounds 4 for every pounds 1 invested in some schemes by the taxpayer over the next five years.

The programme is likely to become a model for attempts by Lord Walker, the former Secretary of State for Wales, to revive English mining communities hit by unemployment as a result of pit closures.

One of the main projects will be in Ammanford, Dyfed, with the aim of attracting pounds 40m of private sector investment to create or secure about 1,250 jobs.