CardiffWalesMap

This government cant do anything right! Cardiff is an economic basket case if the region around it doesnt grow!

he planned Circuit of Wales motorsport race track and associated automotive business park in Ebbw Vale is under threat following what is understood to be legal differences as to whether Welsh Government support would be in breach of state aid rules.

Backers of the project have secured backing from Aviva Investors to the tune of around £350m, and said long-term the ambitious project could create up to 6,000 jobs in one of the most deprived areas of the UK.

The company behind the project Heads of the Valleys Development Company (HoVDC) has been in discussions with the Welsh Government and officials for the last three years with a view to a joint venture partnership approach.

http://www.walesonline.co.uk/business/f ... t-11142108

I agree and nearly started another thread I was so annoyed by it!

What is wrong with these people that they can't write a blank cheque for £357m so we can have bike racing in the valleys thats not on the roads.
Why not make the track out of steel and kill two birds with one stone eh?

Seriously, this is mine and your money they are "guaranteeing" it with.
Valleywood/LG plant in Newport/Cardiff Airport

Yeah, obviously the Welsh government can't be expected to underwrite the whole deal with £360 million quid of taxpayers' money.

The big question is at what point did the company dump this little surprise in Edwina Hart's lap?

Kaboom!

http://www.walesonline.co.uk/business/b ... r-11148776

This was never going to fly. £9m of public money spent.

I'd love for this to come to Wales and Ebbw Vale does need some investment, but I don't think anyone can expect the Welsh Government to cough up £357million for this scheme.

When you think that the Central Square scheme is costing around £400million, just think what else you could do with that money (not all of these, but some):
-Finish Callaghan Square?
-Fix up the Coal Exchange (probably the other buildings down the Bay too + other some new builds!)?
-Build a major conference centre in Cardiff? The one at the Celtic Manor is only costing £80million.
-Electrification of valleys lines/Station upgrades?
-A downpayment on the Metro?
-Build a major art gallery?
-Build a good chunk of the £500million Dumballs Road development.

There are loads of things that you could do with £357million other than partially fund race track that won't even be on the F1 calender.

For £360 million you could build a geodesic dome over Ebbw Vale and fill it with palm trees. Probably.

Lyndon wrote:For £360 million you could build a geodesic dome over Ebbw Vale and fill it with palm trees. Probably.

Exactly! Think what you could do if you ploughed £360 million into various business schemes in Ebbw Vale alone!

yeah the reason they were considering this was barmy! I do think sometimes what is the point of living in Wales!

No nuclear power station, lagoon, steel, circuit of wales, whats left?

The real scandal here is that Edwina seriously offered to underwrite 80% of the project. Aviva wouldn't put up a penny unless it was guaranteed to get all its money back whatever happened, which is hardly a vote of confidence in the scheme.

dave wrote:I do think sometimes what is the point of living in Wales!

No nuclear power station, lagoon, steel, circuit of wales, whats left?

It's not just Wales! England can't seem to get Hinky Point sorted out without the French. They've lost more of their steel production than us. They're not even interested in a tidal barrage on their side of the Severn. There's just no serious interest in anything but banking.

I think an American friend of mine summed Britain up quite well, when he said London was a first-class world city attached to a 3rd-world country. Now I know there are a lot problem areas in the US, but there's an element of truth to that statement.