It’s difficult to be lectured by somebody who was part of the Conservative administration that closed down, actually, the very last mine, for example—the Marine/Six Bells in Blaenau Gwent—and was more than happy to do so. I mean, really, I can’t take what he says in that regard seriously. The reason why the decision couldn’t be taken at the time he mentions is because the due diligence process hadn’t finished. Or is he suggesting that decisions should be taken before all the information is ready? That is reckless, to say the least. He fails to understand what is behind this project. The jobs were in the technology park, not in the circuit. The circuit only provided to the region about 137 full-time jobs. That’s it. The rest of it—the thousands of jobs—were always going to be in the technology park and beyond, and that is exactly what we’re going to invest in as a Government.

He’s also wrong to say that this is simply £8 million over the next 33 years. We know, having explored this with the Office for National Statistics, who would refer this to Eurostat, that there’s a very high risk of this guarantee being regarded as being on the balance sheet. That means we would lose £373 million of capital funding, and £157 million would have to be found this financial year. That is, schools not being built, hospitals not being modernised, houses not being built. Now, surely, he has to accept that that high risk cannot be ignored.