I thank Adam Price for those questions. I think he makes an important point in opening about the way that patterns of voting in the referendum follow economic lines right across the United Kingdom. As far as estimating the impact on Wales of last week’s decision, there are two particular ways in which we have to assess that, one of which is easier than the other. There will be the direct loss of European funding that would otherwise have come to Wales, I think, during this current structural funds period. We would’ve been able to draw down funds under this period up until 2023. We will have left the European Union, it seems, before then and at that point our ability to draw down European funding will end. We have committed over £700 million of the current round already. That is 40 per cent of the total that we would be able to draw down during the 2014-2020 round and we will be looking to maximise the potential draw-down of those funds. The First Minister argued in his letter to the Prime Minister that he should be negotiating for us to be able to continue to draw down those funds over the whole of that structural funds period. But, we will have to await the outcome of the negotiations for that. But, on those figures I think we are well placed to make an assessment—and some of the facts of that I’ve just mentioned.

The second way in which Wales will be affected by the economic consequences of leaving the European Union will be through the budget that we now know we face in the autumn of this year: a budget in which we are told there will be tax rises and public expenditure cuts and those expenditure cuts will no doubt feed their way through into the Welsh budget. It’s much harder to make any assessment of that, but in the Welsh Government we will certainly be doing what we can to prepare on a contingency basis for them.