I also welcome the statement. I think perhaps the first thing we should do is thank Rhodri Morgan who, as First Minister, resisted the temptation to sign what have turned out to be very costly PFI schemes in England and Scotland. I think that we owe him thanks for that because there’s about £400 million, perhaps, of money being spent on services this year, in Wales, which wouldn’t have been available if we’d gone along with the ‘Let’s go PFI, it isn’t going to cost very much. Honest!’

I welcome the commitment to use the new capital borrowing facility. I assume the borrowing will be from the Public Works Loan Board. Following on from what Adam Price raised, as we know, Transport for London raise substantial sums of money by issuing bonds. Adam Price talked about using pension funds—they’re actually selling Government bonds to Welsh local authority pension funds. Is that something that’s been considered? If it hasn’t, is it something that could be considered? Because, you’re re-circling public sector money, but you’re using it in a way that benefits both parts.

Today, I visited Pentre’r Graig Primary School in Morriston, which, whilst not a new-build, has been almost completely remodelled internally. The twenty-first century schools scheme is transforming education buildings and education in my constituency, so I’m really pleased that this is going to continue. It’s making a huge difference and I think if there’s one thing that Welsh Labour Governments of this period of the twenty-first century will be remembered for in 50 years’ time, it will be transforming education with the twenty-first century schools scheme.

Whilst I welcome the mutual investment model—and as some of you are strong supporters of co-operatives, I always like the word ‘mutual’ in there somewhere—how will the public interest be protected by the public interest director? Basically, how much above the base rate does the Cabinet Secretary expect to pay at the cost of borrowing, when it’s all worked out? All borrowing has to be repaid, and this is where I come somewhere between Mark Reckless and Adam Price on this. How much, annually, does the Cabinet Secretary think it is prudent to have to pay back? Forgetting how much you have to borrow, because the amount borrowed will vary, depending on what the interest rates are. Borrowing now is a really good idea, because interest rates are phenomenally low. Nine years ago, I’d have said that they wouldn’t stay at that low level; they have, but at some stage, they are bound to go up, back to what would’ve been the historical norm, so anything being borrowed now and locked in now would be hugely advantageous.