I want to focus my contribution on the Welsh steel industry because, as we know, various ‘jam tomorrow’ claims were made by pro-Brexiters in the run-up to the referendum—claims that took hold with some steelworkers, it has to be said, in terms of how they voted in the referendum.

So, it now falls to those who campaigned to leave the EU—those still left at the tillers of power, few though they are—to make good on those assertions. So, let’s start with a recap of those assertions: (1) that meaningful US-style tariffs on Chinese and other dumped steel will be introduced; (2) that, unencumbered by unpopular state aid rules, money can be offered to Port Talbot and other plants to assist them in becoming more competitive; and (3) that free access to the European markets can continue unchecked. It’s important to note at this point that the steel industry sees opportunities as well as challenges following Brexit.

Some in the industry have told me that a weaker pound would aid competitiveness in the short and medium term, and that new trade relationships with the EU in the medium and long term, along with revised rules of support from the UK Government post-2020, could be made. Now, there are challenges—and ‘leave’ advocates must answer to these—and they include customer uncertainty, a lessened UK influence in EU policy-making, a new trade relationship with the EU—both potentially a good and bad thing, it would appear—and reduced access to research and development. This last factor puts proposals for a steel research centre in South Wales West in a partnership between Port Talbot and Swansea University’s innovation campus severely at risk.

Brexit supporters have pointed, hopefully, to 500 per cent-plus tariffs imposed by the US on Chinese rebar, amongst other things. But what I’d like to hear is how that is going to be replicated by a UK Government whose MEPs not only voted against far more modest EU proposals, as did UKIP, but whose Ministers actively wrecked the plan in the Council of Ministers.

When you have a Minister for industry who doesn’t believe in a strategy for industry, because of his free market ideals, then even the most optimistic ‘leave’ campaigner has to admit there’s still some more work to be done in persuading others.

We know that Port Talbot’s competitive edge would be greatly improved by the construction of a new power station that would slash its energy costs whilst reducing emission levels—not that we need to worry about such pesky EU-set rules anymore, of course. The cost could be as high as £250 million. Now, is this a lot of money? Well, no; not when you compare it against the cost of losing Port Talbot, which Professor Gerry Holtham has estimated accounts for around 6 per cent of Welsh GVA. The calculations I made on the back of a napkin puts that at around £3.5 billion, give or take a few million.There are around 16,000 directly or indirectly employed at the site, or supplying or contracting to it. That’s around another £435 million.

All in all, that could mean as much as £4 billion for the Welsh economy. So, we look forward to seeing the money for the new power plant coming forward pretty quickly, given that speed is of the essence. Anything else would amount to nothing less than a gross dereliction of responsibility to those people who live and work in Port Talbot.

It would also be good to hear how we’ll make up the huge funding shortfall in research and development so as not to miss the kind of opportunity I outlined earlier—the only steel centre in Europe within sight of blast furnaces in Port Talbot. It sounds too good to be missed.

I said last week how Wales is disproportionately reliant upon exports of iron and steel, as compared to the rest of the UK. Last year we imported £400 million-worth of iron and steel, but we exported £1 billion-worth—two and a half times as much. Considering that sum, some 69 per cent—over two thirds—goes to the European market. One third of Tata Port Talbot sales are within the EU.

Steelworkers in Port Talbot and all of Wales have voted, and now they expect results. It’s time for Brexit to deliver for the Welsh steel industry so that it’s successful in future.