Part of the debate – in the Senedd at 3:23 pm on 13 July 2016.
Can I thank the Member for his questions? It’s a shame that the Member doesn’t recognise the fact that I’ve been able to enter this role with a fresh pair of eyes and have been able to set a very clear bar for the Circuit of Wales—50 per cent of the project costs and 50 per cent of the risks being covered by the private sector. This is a private sector project and, yes, whilst there is market failure in parts of Wales, and it’s a responsibility for Government to make sure that there is investment in those areas where there is market failure, where there is a private sector project in play, it’s essential that the risk to the taxpayer is brought to a minimum, and that the value for money for the taxpayer and for the public purse is promoted to the highest possible level. That’s why I have set the bar at 50 per cent and the Member may wish to reflect on what I said at the end of my statement, which is that the Circuit of Wales has accepted that principle. Surely that shows that we have been able to secure the best possible deal for the taxpayer in ensuring that this project can go to the next stage.