Part of the debate – in the Senedd at 4:20 pm on 10 March 2020.
It's good to see that there's considerable unity around supporting our international airport, and I think it's good to hear the Chair of the Public Accounts Committee recognising some of the changes that have been made to make the airport viable. It's absolutely the case that, if the Welsh Government hadn’t taken it over in 2013, the airport would have closed. End of story.
We have to recognise that it's about 2,500 jobs directly or indirectly being maintained here in south Wales. In the difficult economic circumstances we find ourselves in, that's very important revenue. We know from the discussion we had with Cardiff Airport's senior executives on Monday last week that they are already earning more money than it costs to run the airport, and they have been doing so for the last three years. So that's a very important point, because were that not to be the case that obviously makes for a potentially very difficult situation.
We know that the tipping point is about 1.6/1.7 million passengers a year. So, obviously, we are in a dangerous situation at the moment as a result of coronavirus, which is obviously disrupting everything in terms of the world economy. But it is actually only £36.2 million, Nick Ramsay, that Cardiff Airport has drawn down so far of the possible £38 million—that's what we heard in the Public Accounts Committee. We need to place that £36.2 million commercial loan in the context of what other regional airports are carrying in the way of debt. We learnt last week that Liverpool has a debt of £102 million; Newcastle £367 million; Leeds Bradford £125 million; and Bristol Airport £590 million debt.