I was recently at the WTO in Geneva. I met with various experts and came away from there having learnt a good deal about economic development, sustainable development and inclusive development, but I also learnt that the likely consequences of reverting to WTO rules could mean that the UK economy shrinks by between 8 and 10 per cent. That would not be good for the services sector, and it certainly would not be good for the manufacturing sector.

Although the Member highlighted the significance of the services sector to the UK economy, actually, manufacturing in Wales is crucially important. It offers a larger share of the economy as a whole than it does across the UK and we know that tariffs or technical barriers concerning the manufacture of goods in the UK could be hugely damaging for the UK and Welsh economies. So, once again, I would say that a 'no deal' scenario would be a desperate scenario for the Welsh and UK economies, not something that should be cheered, and certainly not something that could be prepared for as though it's some form of soft Brexit scenario.