Can I thank the Member for his questions and just stress that, again, this is not a disappointing announcement, given that the Circuit of Wales have agreed to secure the majority of risk from the private sector in order to take this forward? If we step back to the origins of the proposal, when we were first presented with the Circuit of Wales vision, it was on a basis of no risk falling on the taxpayer’s purse. It subsequently went to the point where my predecessor was asked to underwrite 100 per cent of the risk. That was unacceptable. We have now been able to cast a fresh pair of eyes, in the form of myself, over the proposals. However, my predecessor had said that the level of risk had to come down considerably. The Circuit of Wales fundraising plans are still a work in progress, and the timeline for a formal application rests with the Circuit of Wales. I have now given them a steer on value for money, as was requested. So, I have determined that we need to reduce that level of risk down below 50 per cent and ensure that it is a private sector project.

In terms of work that will take place to ensure that there is regeneration in the Valleys, my colleague Alun Davies is leading a ministerial taskforce to ensure that we exploit every opportunity to regenerate the Valleys, to ensure that we give every person in the Valleys an opportunity to gain quality employment as close as possible to where they live, so that people are proud of their communities, that people see their communities in the ascendance, not in decline.

In terms of the jobs that could be created, as I’ve already stated, there is a business case that proposes a certain number of jobs to be created during the construction period, a further set of jobs that will be guaranteed as a consequence of the circuit operating, but then an additional estimate of 6,000 jobs that would be created through attracting key players from the automotive sector, and, of course, hospitality to the racing track. This is not a disappointing decision today. What I have done is outlined how I have been able to reduce the risk attached to the taxpayer’s guarantee of this important project. But, as I’ve said, the Circuit of Wales have stated that they are able to work to the principle I’ve outlined of 50 per cent—no more—risk for the public purse.