Chair, I don't expect my colleagues in the opposition to take my word for it, but perhaps they could take the word of the Organisation for Economic Co-operation and Development, the OECD, which says that these LSVCCs are not working to promote economic growth and jobs.
In fact, it went on to say, “The LSVCCs have distorted the market for venture capital, lowering the average quality of deals and limiting the supply of equity to non-traditional industries and newer companies.” As well, it said, “...the governance structure of LSVCCs leads to less-skilled fund managers and poorer fund performance.” Finally, it said, “Overall, the damaging effects of the LSVCC tax credits on the financing of innovation along with their fiscal costs present a clear argument for their elimination.”
That is from the 2006 OECD economic survey.