Devaluation means that exports are cheaper in the purchasing currency, but the cost of imports increases in pounds. The pound has fallen from $1.5 from last June to between $1.2 and $1.3, a 14 to 20 per cent reduction. And whilst the cost of imports increases, supported exports are going to increase the cost of exports to be reliant on bringing in raw materials from abroad and producing goods to be exported. It also brings inflation into our economy, which has gone up by a factor of 9 since last year.

Does the Minister share my concern that Welsh exporters can get affected by the increased cost of the raw materials coming in, at the same time as they’ve already set fixed prices for their goods going out, and they’re getting squeezed by that, and does the Cabinet Secretary also agree that what we need is some form of currency stability, so that people know exactly where they are? We’ve had the devaluation—we now need to stay there. We can’t keep on having our currency bouncing around—everybody suffers.