We have already assessed the demand and spoken to businesses. We know there is a demand for premises in the Heads of the Valleys, and we know that there are businesses who cannot move there because the premises aren’t there. So, it’s hugely important to make sure that we provide those premises as part of the technology park that is part of the circuit itself. The only thing, in many ways, that’s missing is the actual racetrack. The jobs—the vast majority of the jobs—are still there.

He is not being honest with himself when he says that this is only about a guarantee. He knows full well that if £373 million are re-profiled so they appear on our books, we lose the money. It’s the same as a cut. It means we would have to find £157 million in this financial year. The problem we have is that we have pursued this with ONS and with Eurostat—with ONS—and their answer is, ‘We cannot give you a definitive ruling until we’ve seen the final contracts.’ It’s too late by then. That’s the problem. So the real risk here is that we end up not moving ahead with projects in-year that people have already been promised because of, yes, an accountancy device, but one nevertheless that the ONS have identified, and one that carries a high risk.