English: Diolch, Llywydd. I am very grateful to Members for the report by the Public Accounts Committee and, in particular, can I thank the committee's Chair, Nick Ramsay, for providing an opportunity for me to respond to the recommendations? I think it's fair to say that, despite a huge amount of effort and work on all sides, the Welsh Government was not in a position to support the Circuit of Wales with public finance. We worked incredibly hard with the project promoters to support the project through a significant period of time as we fully recognised the potential positive economic impact that a sustainable project of this type could have in a deprived area. It was a large undertaking. The committee and Members in this Chamber can see the lengths that the Government went to to explore its viability. However, we were always clear that any support provided by the taxpayer needed to be both proportionate and fair. Despite the time and support provided, the project promoters were unable to provide a proposition that met the Welsh Government's stated criteria, and the final project proposal was assessed to be very high risk, with most of the risk, in effect, being borne by Government, and therefore by the taxpayer. It was also assessed that the benefits claimed for the project, in particular the jobs created, were at best very uncertain. Because of all of these factors and the fact that, despite years of effort, the project promoters had been unable to come up with a compelling proposal with an appropriate balance of risk and reward for the taxpayer, the Cabinet concluded that it could not provide further support. Overall, the final version of the project did not represent good value for money for Welsh taxpayers.
Welsh: Diolch, Lywydd. Rwy'n ddiolchgar iawn i'r Aelodau am yr adroddiad gan y Pwyllgor Cyfrifon Cyhoeddus ac yn benodol, a gaf fi ddiolch i Nick Ramsay, Cadeirydd y pwyllgor, am roi cyfle i mi ymateb i'r argymhellion? Credaf ei bod yn deg dweud, er gwaethaf llawer iawn o ymdrech a gwaith ar bob ochr, nad oedd Llywodraeth Cymru mewn sefyllfa i gefnogi Cylchffordd Cymru gyda chyllid cyhoeddus. Gweithiasom yn anhygoel o galed gyda hyrwyddwyr y prosiect i gefnogi'r prosiect drwy gyfnod sylweddol o amser wrth inni lawn gydnabod yr effaith economaidd gadarnhaol bosibl a allai fod i brosiect cynaliadwy o'r math hwn mewn ardal ddifreintiedig. Roedd yn ymrwymiad mawr. Gall y pwyllgor a'r Aelodau yn y Siambr weld y gwaith a wnaeth y Llywodraeth ar archwilio ei hyfywedd. Fodd bynnag, roeddem bob amser yn glir fod angen i unrhyw gymorth a ddarperid gan y trethdalwr fod yn gymesur a theg. Er gwaethaf yr amser a'r cymorth a ddarparwyd, ni allodd hyrwyddwyr y prosiect ddarparu cynnig a oedd yn bodloni meini prawf penodol Llywodraeth Cymru, ac aseswyd bod cynnig terfynol y prosiect yn creu risg uchel iawn, gyda'r rhan fwyaf o'r risg, i bob pwrpas, yn cael ei hysgwyddo gan y Llywodraeth, ac felly gan y trethdalwr. Aseswyd hefyd fod manteision honedig y prosiect, yn enwedig y swyddi a gâi eu creu, yn ansicr ar y gorau. Oherwydd yr holl ffactorau hyn a'r ffaith, er gwaethaf blynyddoedd o ymdrech, fod hyrwyddwyr y prosiect wedi methu llunio cynnig cadarn gyda chydbwysedd risg a gwobr priodol ar gyfer y trethdalwr, daeth y Cabinet i'r casgliad na allai ddarparu cymorth pellach. Yn gyffredinol, nid oedd fersiwn derfynol y prosiect yn cynrychioli gwerth da am arian i drethdalwyr Cymru.