A £19m scheme to support existing and new businesses in south west and mid Wales has been launched.
Almost 2,000 grants of up to £5,000 are being made available in five counties - Carmarthenshire, Ceredigion, Swansea, Pembrokeshire and Neath Port Talbot.
It is supported by £8.9m European funding, and there are claims it could create about 1,000 new jobs.
Vindico points out that the figures don't... er... add up to much.
Assuming each grant is the full £5k: 2,000 grants * £5k = £10m. So where does the other £9m go?
Well, one must assume that the remaining £9 million—which is, of course, a wee bit more than the entirety of the EU funds—goes on the administration of this system. Which means that just over 47% of this money is being spent on running the scheme.
Still, it's rather better than central government: I have seen it estimated that, of every pound that goes into the Treasury, only about 30p is actually spent on front line services.
Can I just reiterate that government does things very inefficiently and, if you do not like your hard-earned tax money being pissed up the wall, we should ensure that the state gets as little of our money as possible, and thus does only the bare essentials?
The rest is simply wasted. And it's your money.
UPDATE: young Ordovius points out that your humble Devil is famous at last!
The Devil's Assembly
Tory AM William Graham just quoted this post from the Devil's Kitchen in today's plenary.
Yes, yes: it is my assembly: Wales is my bitch.
Anyone know what he actually said?
UPDATE 2: here is a transcript of that particular Plenary.
William Graham: ... I am not a great reader of various things that appear online—I would not call them blogs—except where it mentions my own self, of course. This appeared in 'The Devil’s Kitchen’ and it says, under the heading 'Welsh efficiency’:'It seems the Welsh have assembled a fund to give grants to small businesses’.
We agree.'A £19m scheme to support existing and new businesses to south west and mid Wales has been launched. Almost 2,000 grants of up to £5,000 are being made available in five counties….It is supported by £8.9m European funding.’
Sadly, as it points out here, these figures do not add up. The amount of grants suggested only comes to £10 million. So, I will ask the Deputy First Minister to reply on that. Where does the other £9 million go? Surely that cannot all be swallowed up by administration.
As far as I can see, this question is not actually subsequently answered...
UPDATE 3: for posterity, here is the video...