UKIP broadly supports the motion and welcomes the opportunity to take part in this debate. Whilst we recognise the excellent work done by the credit unions and Plaid’s desire to see the remit expanded, we’re not too sure about the aspiration to a Welsh people’s bank, which sounds far too much like an institution from North Korea. But we do acknowledge that it is desirable for there to be an alternative to the monopoly of the commercial banks, especially as, as has been said before, they’re disappearing at an alarming rate from our high streets. It is hoped that credit unions will play an increasing role in filling the gap in loans to the general public and hopefully replace pay-day loans, which prey on the most vulnerable in our society.

We also recognise the financial gap that exists between the credit facilities offered by commercial banks and those that are required by business, especially in the higher risk sector of business start-ups, microbusinesses, and SMEs. We acknowledge the Welsh Government’s efforts in establishing such institutions as Finance Wales to try to bridge this gap, but feel that Wales must now move forward to a more recognisable banking model. It is true that the development bank of Wales is a step in this direction, but its very name is more redolent of an institution involved in large-scale economic projects rather than one that exists to lend to individuals and the business sector mentioned earlier. In other words, the bank’s remit should be explicit in its name and, therefore, perhaps the people’s bank of Wales wasn’t such a bad suggestion after all. [Laughter.] It is also critical that the services—[Interruption.] It is also critical that the services the bank offers are not fragmented. It needs to be a one-stop shop that will cater for all sections of the business sector, albeit with different levels of engagement. Keeping all lending functions and bands under one roof avoids confusion as to the relevant lender for those seeking access to funds. The application for funding must be as simple and straightforward as possible. The current model of multiple agencies is confusing to would-be applicants and this often discourages their engagement.

It is true that the Welsh Government has invested in a number of enterprises that did not perform as had been anticipated. But, as someone who spent 40 years in the private business sector, I know that there is risk in every business venture. I would urge the Welsh Government not to be discouraged by these unavoidable setbacks, especially as their lending is often to the high-risk sector. Readily available finance is the most vital ingredient in our efforts to expand the Welsh economy. The Welsh Government must be at the forefront of this provision. We shall be supporting the motion. Thank you.