No engagement on FM's lagoon offer, says Alun Cairns

The tidal lagoon would have an operational life of 120 years

Welsh Secretary Alun Cairns has played down the significance of First Minister Carwyn Jones's offer to invest in the Swansea Bay Tidal Lagoon.

On Wednesday, Mr Jones accused UK ministers of dragging their heels over the scheme, a year after an independent review recommended it be backed.

On Thursday, Mr Cairns said no cash was "being offered specifically" and there was "no engagement with officials".

On Wednesday, Mr Jones said the offer involved a "substantial" sum of money.

But while Welsh Government sources have suggested it amounts to tens of millions of pounds, other people close to the project have told BBC Wales between £100m and £250m is on the table.

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The company behind the scheme, Tidal Lagoon Power (TLP), is trying to agree a subsidy with UK ministers for the electricity it would generate.

Mr Cairns commented for the first time on the first minister's intervention, during a visit to Swansea University.

Responding to TLP's claim that the offer was a breakthrough, he said: "The developers are looking after their investment.

"They really want to make it happen because, understandably, they would make a lot of money out of the project.

"I can understand why the developers would say that.

"It is my role, and the first minister's role, to look after taxpayers' money.

"And we should not want to invest in a project that is not good value for money for the taxpayer because ultimately an expensive project that is not good value for money will put prices of electricity up."

Mr Cairns insisted he really wanted the project to happen and had been crunching the numbers to try to make that happen.