My question was in regard to the fact that there are a number of taxes that small businesses would pay and, clearly, as it was a Welsh Labour manifesto commitment to cut tax for small businesses, if they’re not paying business rates, then obviously that manifesto commitment will cut taxes in other areas.

The Development Bank for Wales is also designed to address the growing bank funding gap between SMEs looking to expand. I would like to ask you, Cabinet Secretary, to provide some details on the next steps for the development bank. There is some concern that interest rates will be punitive if the bank is to be self-financing. So, perhaps you could outline how the bank will work in practice and how it will be different from Finance Wales—whether it will just provide tailored business support as well as a source of funding.