Oh, absolutely, and Mike Hedges raises a very important point, of course. We had aspects, didn’t we, of a mixed economy in banking in decades gone by? We had, before the disastrous policy of demutualisation, which laid waste to our successful building societies in large part—some of those remain, of course, and are very successful indeed, and some of them are also opening branches, but opening them, possibly, not necessarily just in the leafy lanes of London—we also had the savings banks, didn’t we? They were a network and united under the banner of the Trustee Savings Bank, and yet again that was disastrously privatised and sadly the last one has now closed.

Wales could, like Catalonia, build up a powerful, public-purpose financial institution like La Caixa, which has grown from its roots as a savings bank aimed at the working class of Barcelona to what it is today, one of the largest, most successful banks in Catalonia, delivering €500 million a year to its associated charity, making it the third-biggest charity in the entire world. That’s what putting the people’s money in a people’s bank could achieve for Wales if we had similar boldness and imagination.