I’m pleased to be able to contribute to this debate today, and I also congratulate the Members for securing the debate on this subject—a subject that I hadn’t previously known a great deal about. As we’ve already heard today, the concepts of the foundational economy enshrine the principles of ‘mittelstand’ and social franchising, and there is great potential, I think, for Wales, given the fact that a significant percentage of our workforce is employed in sectors that provide essential goods and services. So, I hope I can bring a few ideas of my own to this debate this afternoon, with regard to supporting the principles of a foundational economy in Wales.

I think the fact that the UK Government’s industrial strategy has recognised the capacity for involving businesses as a social franchise for education and skills is something to be welcomed. Also, of course, the establishment of university technical colleges would introduce a business and entrepreneurship element to many vocational courses and would, of course, bring learners, colleges, universities, and businesses together, prioritising skills and improving the status of vocational qualifications. In practice, I think this will mean that members from local business communities will be encouraged to participate on school governing panels, to advise on the curriculum, to create an environment where students can develop the work-ready skills that industry say that they need, as well as, of course, working with employers to increase the diversity of apprenticeships. Spreading the growth across the country was, of course, a priority of the UK Government’s industrial strategy, and this includes additional infrastructure funding to unlock growth in areas where connectivity is holding it back, taking into account the balance, of course, of spending per head between different regions of the UK when developing future rounds of infrastructure funding. We’re still waiting, of course, for the Welsh Government’s new economic strategy, but when it’s published, I certainly hope that it will put a similar emphasis on addressing the regional disparity in economic prosperity and the skills shortages that exist.

Point 2 of the motion, I think, is particularly strong. For me, for some years I’ve been very keen to have a red meat charter—something that I would like the Welsh Government to consider again—and this is something that could really promote the local procurement of our outstanding red meat products. I have asked previously for the National Assembly for Wales to have the ability to scrutinise the development bank’s business case to ensure that businesses are fully supported through the proposals. Such scrutiny, I think, will lead to developing it further into a model that would really support the foundational economy. So, I think we’ve got an opportunity in that regard there, as well.

The development bank, also, I think, should have a regional element in Wales, giving small and medium-sized businesses the opportunity to access finance locally. I want to see a series of regional high street banks across Wales established, and localised access to finance for small businesses. I also want to see a system where a number of geographical, accountable, Welsh regional investment banks can be brought forward as well, bringing finance closer to businesses in all regions of Wales. A few of the speakers today have talked about the differences in different parts of Wales and the different needs, so I think having a localised focus to regional funding would be good, as well.

Finally, the Localism Act 2011 has also devolved a number of significant powers to local communities that should empower them to support the foundational economy. So, England has implemented the community rights since 2011, and Scotland is also implementing its own version of community rights. So, I’d like to see the Welsh Government take this approach as well, because I think that would help communities and councils to come together to deliver services supporting the foundational economy. The foundational economy has a significant role to play and to ensure, I think, that Wales does have a healthy economy. I welcome the debate today and I’m happy to indicate my support for the motion.