Tens of millions wasted as Labour paid over the odds for Cardiff Airport
The Welsh Labour Government is facing further pressure after it emerged that they paid £52 million to purchase Cardiff Airport, despite advice from accountants KPMG warning them that the airport’s value was between £20m - £30m.
Welsh Conservatives say the revelations call into question Labour’s “economic judgement” – coming just 24 hours after the First Minister was forced to apologise in the chamber over the RIFW debacle.
Leader of the Welsh Conservatives, Andrew RT Davies, said:
“Labour’s First Minister apologised yesterday after his government was found to have sold public assets at bargain basement prices, and today’s revelations will leave the public with very little confidence in Labour’s economic judgement.
“This is yet another example of the Welsh Labour Government’s stunning failure to safeguard taxpayers’ money, with tens of millions of pounds going to waste – despite clear, professional advice which should have told them that the price they were prepared to pay for the airport was over the odds.
“At a time when councils, hospitals and schools are facing a financial squeeze we have two clear examples of Labour wasting huge sums of money. It’s unforgivable.”
hadow Minister for the Economy, William Graham, said:
“Just twenty four hours ago the First Minister was forced to apologise over the RIFW affair, and the inexcusable sale of public land at a huge loss to the taxpayer.
“Now we now find that Labour paid well over the odds for Cardiff Airport, despite professional advice setting its value at less than half the price they paid. It’s an absolute disgrace.”
Photo: copyright © M J Richardson