3. 3. Statement: The Circuit of Wales

Part of the debate – in the Senedd at 3:45 pm on 13 July 2016.

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Photo of Ken Skates Ken Skates Labour 3:45, 13 July 2016

Can I thank the Member for his question? He’s absolutely right: I think there is some misunderstanding about what it is that Welsh Government is being asked to provide resources for. It is underwriting; it is not funding of this project. I think there are many people in our communities who believe that a 50 per cent support underwriting or guarantee would amount to actual direct funding to the tune of something in the region of £185 million. It’s not. It’s about guaranteeing the funding from private capital. State aid is no longer an issue as a consequence of setting the bar below 80 per cent. In terms of the advice that we’ve received, the due diligence exercise was commissioned from Grant Thornton and Fourth Street. I have already given an undertaking to publish what I can—information that is not commercially sensitive—and I will do that.