Welsh Government refuses to underwrite £357m Circuit of Wales project

There are huge doubts that the multi million pound plans for the Circuit of Wales racetrack in Ebbw Vale will go ahead.

On Wednesday afternoon the Welsh Government says it will no longer agree to underwrite the project, citing significant questions about its viability and saying it presents "an unacceptable risk".

£9 million of government money has already been spent, and it says the door remains open to any new investors.

But the promise of hundreds of millions of pounds of investment and 6000 jobs look further away than ever.

Read the letter from Edwina Hart below: