Kirsty Williams slams Labour-Plaid failure to get European money working for Wales.

12.00.00am BST (GMT +0100) Tue 2nd Jun 2009

Just days before the polls open for European Election, Kirsty Williams has slammed the Welsh Assembly Government for failing to use available European money in support of Welsh businesses. Williams says the failure to deliver support to a leading edge Welsh firm in Bangor is typical of the long term mismanagement of European money by Labour and Plaid Cymru.

Kirsty Williams, Welsh Liberal Democrat Leader, said:

"The collapse of Bangor-based DeepStream technologies, with the loss of 82 jobs is a worrying sign that this Assembly Government is not delivering on its commitments to green jobs and a sustainable, resilient Welsh economy. Investors and firms across Europe will be watching this closely - our ability to support internationally renowned, innovative green-tech firms like DeepStream will define Wales' economic future. We are seeking assurances that the Assembly Government has worked closely with Deepstream over the past few months and exhausted all potential avenues for providing support. Ieuan Wyn Jones and Rhodri Morgan have happily shared the success of DeepStream, now they must do some business themselves."

The collapse of DeepStream, which had won international acclaim for its innovative embedded energy management solutions, raises doubts over the Assembly Government capacity to deliver on a number of strategic commitments.

Kirsty Williams said:

"Just two weeks ago, Labour and Plaid launched their new Sustainable Development Strategy, which claimed that Wales would be 'the best place for business to locate, start-up, grow and prosper.' The strategy says Government will 'support R&D and the commercialisation of new sustainable technologies'. DeepStream is the acid test of this rhetoric, it's the acid test of Rhodri Morgan's claims that the £150million Jeremie funding is 'another example of agile government for fragile times… a trail-blazer for Europe'. It's taken years to establish the Jeremie fund and now it seems that we cannot get this vital European funding out to support Wales' economic interests, to develop infrastructure and encourage innovation that will ensure Wales economy is fit for the future."