Let me just remind him what I have said publicly to set his fears at rest. First of all, I don’t agree with an artificial cap. I don’t see what sense that has. Surely an economy needs to recruit according to its needs, not have an artificial cap. If there were to be an artificial cap, then there are serious issues that arise as to whether there’d be sectoral caps. I have no doubt that the thinking in the UK Government will be to do as much as possible for the City of London—and the financial services sector’s important to us, but it’s hugely important to the City of London—and we will end up with a higher sectoral cap proportionally for the City than we do for the NHS. Clearly, that would not be in Wales’s interests.

He didn’t say it specifically, but I know he is intimating the idea of regional quotas, and that’s an interesting idea. It is done in Canada, it is done in Australia. All right, they’re far bigger, but it’s not impossible to do this. Personally, I prefer there not to be a cap, but if there is to be a cap, I think then there is a case for looking carefully at whether regional quotas would work, and particularly at whether they’d work for Wales.