Can I thank the Member for his questions? I think the Member is right to say that there will be disappointment that, after almost seven years, this project is not able to go ahead. Insofar as questions about why it has taken so long are concerned, they should be levelled in part at the development company. For our part, we have tried at every occasion to make this project work. It’s gone through a number of guises in terms of the business model, and on each occasion we have worked with the developers in an attempt to deliver for the people of Blaenau Gwent and the wider Heads of the Valleys area.

But I do believe that, as a consequence of considerable work that’s being undertaken, not just through due diligence but before, we are in a position that is well-informed to be able to take forward that second phase of the Circuit of Wales proposal, which is the technology park. We are now armed with considerable intelligence regarding the demand for a technology park in Blaenau Gwent and the need for us to support what is a strong, existing tier 2 sector of the automotive industry. One of the primary factors that, to date, has prevented investors from locating not just in the Valleys, but in many parts of Wales, is the lack of available industrial space to develop and manufacture their goods. So, the difference between the proposal for the track and the proposal for the technology park amounts to hundreds of full-time, sustainable jobs. I’ve been very clear that the world will not wait for Wales to develop advanced automotive technologies, we need to be leading the world, and Blaenau Gwent has been waiting long enough. If we were to wait for phase 2 to be delivered by the development company, we could be left behind insofar as autonomous vehicles are concerned and electric vehicles. We need to move now, and Blaenau Gwent could become Britain’s centre of excellence for new technology in the automotive sector.

The Member rightly asks about evidence given by the deputy permanent secretary, and I would caution any Members from naming civil servants who are not able to respond personally in this Chamber. I would say that I believe that the deputy permanent secretary was right in the evidence that he gave, but at the time of committing our initial funding, the developer’s proposal was for a project that would be fully funded by the private sector, but which needed Welsh Government support in its early stages and to get off the ground. We’ve also—as a consequence of the work that’s gone into due diligence and the project—been able to take forward the proposals for the technology park.

In terms of the question of the debt being on balance sheet, of course, the Member will be aware that you cannot get a definitive answer until all contracts are signed off. Even then, it can take many, many months. Essentially, moving forward with a decision on the basis of the very high risk of it being on balance sheet would be dangerous—dangerous for the Welsh Treasury and dangerous for the taxpayer and public funds, because it could, in several months’ time, lead to Welsh Government having to cancel existing capital build projects. I would invite Members to identify £157 million of projects across Wales at present that could be stopped as a consequence of this project.

In terms of additional borrowing, additional borrowing would likely need to be of strategic national importance, but this is something that is being taken up with UK Government, and clawback of any investment and any funds already committed to the project will, of course, be dependent on the future of the Heads of the Valleys development company, but, of course, we are examining that.

In terms of the estimate of jobs to be created from the proposal, I have heard Members in this Chamber use, on many occasions, the figure of 6,000 jobs. Whilst that figure is apparent on the website for the Circuit of Wales, it is a figure that is not reflected in due diligence and, indeed, due diligence finds that the actual likely number of jobs to be created is significantly lower than that. I think there is also a need to recognise that there are two different phases to the project, which will produce two different numbers of jobs created. The first phase would create far fewer lasting jobs than the second phase. That’s why I believe the people of Ebbw Vale deserve that second phase now rather than later. In terms of developing the technology park, we’re already engaged with the industry, with stakeholders. I’ll be convening a meeting of experts and stakeholders from the area as soon as possible—I’m hoping next week. We’ve spoken with TVR, with Aston Martin Lagonda and with Jaguar Land Rover: all confirm that the track is not an essential component of development within Wales. As far as TVR is concerned, we are looking forward to their new product being launched in the autumn and manufactured here in Wales.