The long-awaited Circuit of Wales development in Ebbw Vale has been turned down by the Welsh Government.The £433m motor racing track and leisure project aimed to create up to 6,000. Economy Secretary Ken Skates said job claims were “overstated” and there was too much financial risk to the public.

Ministers said an automotive business park would be built instead.

The project, first mooted in 2011, has been full of controversy.

The Heads of the Valleys Development Company, which was behind the project, wanted half the cost to be underwritten by the Welsh Government. Mr Skates told a Welsh Government cabinet meeting today that the true figure on employment was around 100 direct jobs, with 500 indirect jobs and around 500 construction jobs while the track was being built.

The Wales Audit Office had previously said there were “significant shortcomings” in the way public money already spent on the project had been managed.