2. Does the Welsh Government now have all the information it needs to make a decision on whether to provide the financial support requested by the promoters of the Circuit of Wales? OAQ(5)0636(FM)

We are awaiting some reports from our external advisers to enable us to complete the comprehensive due diligence process, but we will be in a position to take a decision before the end of the month.

I think people will draw their own conclusion, First Minister, on why this decision has been pushed beyond the general election. But, on the wider theme of openness, I’ve been told in written answers by the Cabinet Secretary for Economy and Infrastructure that the idea of an 80 per cent Government guarantee, which was at the heart of the proposal that you rejected last year, was first suggested by the company in mid April 2016. Now, that isn’t accurate, First Minister; it was your Government, with the direct knowledge of your own private office, that suggested this as an alternative to a 100 per cent guarantee in the first week of April. So, will you now take the opportunity to correct the record?

Well, I can say that the model that is being examined now is not that model—it’s a wholly different model. He makes the insinuation that, somehow, this has been pushed back for some insidious reason. I can tell him that, unlike him, we do conduct proper due diligence; people expect that, and people in Blaenau Gwent expect that. They want to be sure—and we want to see this project delivered, but it has to be delivered on a sustainable basis. They would expect us, in Blaenau Gwent, to look at this very carefully, in order to make sure that the project stands up on its own for years to come. We have received the majority of the reports already. The remaining reports we expect to see in the course of this week. There is no strange thing going on there—that is because we awaited further information from the Heads of the Valleys Development Company themselves. We don’t expect any more information from them now. And I can say that officials are preparing a comprehensive project appraisal report, there will be a Cabinet paper drafted, and a decision will be taken before the end of the month.

First Minister, I very much welcome your positive statement about wanting the circuit to succeed. And, as you’re aware, some of the biggest names in automotive engineering and research have written to you—Aston Martin, TVR, Taylors—demonstrating their confidence in the project, and urging a swift, positive decision. Are you able to confirm today what date the Cabinet is likely to meet to make a decision on this?

I would expect the Cabinet to meet in the course of the next fortnight, with the decision being taken, of course, at that Cabinet meeting. That is the plan at this moment in time. We want to get this dealt with, obviously, as the people of Blaenau Gwent would as well. I understand the great enthusiasm for the project, but we also have to temper that, of course, with ensuring that the project stacks up on its own, that the level of risk is acceptable, that there is substantial investment from the private sector, and that’s what we’ve been working with with the Circuit of Wales team. We want to be in a position where we can look at a sustainable model in a fortnight’s time, and, as I say, what I would like to do is deliver the Circuit of Wales, but we have to make sure that the model is robust, and that’s the point that we’re at now.

Your Cabinet Secretary on 17 May stated that due diligence is an important part of consideration in financing any project and that he would not short-cut that process. Recently it was claimed that the Circuit of Wales project could be lost to Scotland. If the Welsh Government does not make a decision soon, will you confirm that scaremongering such as this will not result in decision making until the most rigorous assessment of the viability and economic benefit of this project has been made or completed by your Government?

People would expect us, as a Government, to examine any project, particularly one of this importance and size, in great detail to make sure that we can be satisfied if we are being asked to deliver support, and, of course, private sector investors will do exactly the same thing. As I say, on these benches we want to see the project move forward, but it is important for all concerned, including the people of Blaenau Gwent, that the fullest examination of the proposal is done in order to provide reassurance for the future.