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Written Statement - Circuit of Wales Due Diligence

Ken Skates, Cabinet Secretary for Economy and Infrastructure

Following the Cabinet decision made at the end of June, I informed members that it was our intention to publish a summary of the due diligence undertaken on the Circuit of Wales project.  I am pleased to advise members that we have done that. Copies of the summary reports are now available on the Welsh Government website and I will also be placing copies in the Assembly Library.

My officials have completed the process of consultation with the authors of the due diligence reports and with the Heads of the Valleys Development Company Ltd.  As I advised Members in June, certain information has been excluded from publication as it is either the subject of legal privilege, remains commercially sensitive or is personal information within the meaning of the Data Protection Act. 

The financial and construction reports  that have been published draw attention to the risks highlighted by our advisors, including the risk to public finances that would have been created by offering the requested guarantee. The review of the economic impact evidence considers the benefits to Wales that were claimed by the developer.  

We are now moving forward with our plans for a £100m technology park that will help stimulate economic growth across the Heads of the Valleys. These plans are progressing well and earlier this week I approved funding for a new 50,000 sq ft. industrial building in Ebbw Vale to kick start the process.

http://gov.wales/topics/businessandeconomy/welsh-economy/circuit-of-wales/?lang=en