But more could have been done to secure the value from LCD and both the agency and the British economy lost as a result. But lessons have been learnt. And now a British Company, NXT, has developed the technology and is bringing it to market. Up to now, as a result of legal uncertainties, DERA and other trading funds have had their ability to commercialise their research through equity joint ventures severely restricted leading to lost opportunities. I can announce today that we have taken steps to rectify the situation and to clarify the powers of trading funds.
Trading funds have the powers to develop equity joint ventures.
We are today issuing a guidance note setting out the detailed considerations for trading funds which have been agreed with the NAO following advice from Treasury Counsel. Another trading fund, the Forensic Science Service is using its know-how and experience gained through the criminal justice system to design drug and other tests for use in industry and elsewhere. And the Radiocommunications Agency now has a joint venture to exploit its know-how in spectrum management in international markets which has won contracts in Russia, India and Egypt. By making better use of publicly-funded research and development these projects and others like them stimulate the creation and development of leading edge British companies and high quality employment. Of course technology transfer and commercial exploitation need to be compatible with the government's core regulatory and other responsibilities and they must not compromise the requirements of propriety and accountability.