The circuit that promised to create 6000 jobs in Wales most deprived area has been given the run around! It is now dead and has upset a whole county.
The Welsh Government has now dropped the bombshell that it cannot provide a 100% funding guarantee for the £400 million it needs.
However, in a statement the company behind the project, the Heads of Valleys Development Company (HoVDC) , said it would continue negotiation to secure “revised terms” that will be acceptable to all parties.
Welsh Liberal Democrat Shadow Economy Minister Eluned Parrott says that “This will be a bitter blow to families and businesses in and around Ebbw Vale who will have been hoping to see jobs and investment breathing new life into the area. Instead, this community will feel badly let down.
“Why did the Welsh Government spend £9million of tax payers’ money on a project that only now they feel lacks economic credibility? Why did they build up the hopes of the local community in this cruel way, only to disappoint them now? How many jobs could £9million have created if invested more wisely?”
Overall this is a big blow for the Welsh economy however would this really be a good investment? Here at BestBuilders™ we feel that Wales should be focusing on services where we can attract the best talent from around the world, Wales has a great heritage of quality exports and world famous products, we need to continue focusing on this and growing our country and selling our country to the rest of the world. We hope that this project does get off the ground.