Mr Michael Jack (Fylde, Conservative)

The clause makes some useful improvements to the venture capital trust arrangements, and indeed to the corporate venturing scheme. I rise merely to tell the Economic Secretary that I was grateful during my Second Reading speech for the Paymaster General's kindness in agreeing to consider two points that I made in connection with both venture capital trusts and the enterprise investment scheme, which was the subject of an earlier clause, about the qualifying trades that could benefit from the provisions. The reason that I mention that in this context is that, sadly, land-based industries will not benefit from the provisions of clause 64, because currently they cannot benefit from venture capital trusts or enterprise investment schemes. In the context of the recovery of the agriculture industry and associated industries from the effects of foot and mouth disease there is a case for a temporary reprieve to consider the qualifying trades that could benefit from the clause and to lift the current restriction that prevents land-based industries from benefiting from those ways to bring new investment capital to their activities.

I do not expect for one moment that the Economic Secretary will give me a definitive reply to that point; I merely ask her if she would be kind enough to convey to the Paymaster General my continuing interest in the matter—oh, the Paymaster General is present, I do apologise. Those two investment vehicles, with the changes proposed in the clause, could well be useful for the regeneration of agriculturally based businesses and businesses in the areas affected by foot and mouth.

Miss Melanie Johnson (Economic Secretary, HM Treasury; Welwyn Hatfield, Labour)

The hon. Gentleman has raised the point and my hon. Friend the Paymaster General has undertaken to bear it in mind. I should not want to cut across what were obviously happy exchanges of views on the Floor of the House. However, as the right hon. Gentleman mentioned foot and mouth in the context of CVS, it may be worthwhile my making one point. It is much the same point as I made earlier in the context of foot and mouth: CVS is not an appropriate vehicle as it targets only companies. Our figures show that fewer than 5 per cent. of livestock farms could potentially qualify. In terms of the farming community, not many people are likely to qualify for CVS because not many work on the basis of company organisation. The measure would not therefore particularly help farmers hit by foot and mouth.

Mr Michael Jack (Fylde, Conservative)

We are not considering farming as it is, but in the context of what may result. Under the English rural development plan, opportunities exist for all types of co-operative ventures that may not replicate the current situation. Many schemes might be appropriate in future.

Miss Melanie Johnson (Economic Secretary, HM Treasury; Welwyn Hatfield, Labour)

I appreciate the point that the right hon. Gentleman makes. There may be changes and we keep the list under review. If we needed to take account of significant developments, I assure him that we would want to do so. For the moment, those wishing to invest in more traditional rural industries, other than farming and market gardening, can do so under the existing laws. There is scope for some rural economy industries to be helped in that way and we can make sure that they are. CVS would not prevent such companies from being based on existing farms if appropriate. I will bear the right hon. Gentleman's points in mind.

Question put and agreed to.

Clause 64 ordered to stand part of the Bill.