As we approach Small Business Saturday, I and my Welsh Conservative colleagues welcome this debate on entrepreneurship in Wales, and very much welcome the principles of the Government's motion. I agree that unlocking entrepreneurship is essential in order to enable the creation of a strong and vibrant economy. I also agree that the Welsh Government has a key role in creating the right environment for this underlying entrepreneurial talent to thrive. Also, the Cabinet Secretary, in his opening remarks, talked about building the correct business base as well, which I also agree with. I also very much agree that it's very important to celebrate and encourage younger people when they start up in business themselves. I certainly am a big fan of role models going into schools to tell younger people about the positive life option available to them of self-employment and running their own business.

With regard to Plaid's amendment, I was originally a little bit sceptical because my concern is that we don't want to see lots of empty buildings with the creation of more hubs. But I've heard the wider explanation from Plaid in regard to their amendment, and I'm happy to indicate our support for that amendment this afternoon.

The national imperative for entrepreneurship exists today, as it did 18 years ago, when the Assembly was first established. I don't think, in 18 years, we have anywhere near harnessed entrepreneurial potential, perhaps, as we should have done. I have to say, regrettably, I think the data speaks for itself. I know that the Cabinet Secretary mentioned an increase in enterprise births, but, from the research I've undertaken, there are fewer registered enterprise births in Wales in comparison to the UK as a whole, and business births in Wales represent a smaller proportion of businesses than any other UK region.

It’s clear that a strong, self-supporting economy and a culture of entrepreneurialism is built on appropriate business support. We know that the Welsh Government has traditionally favoured non-repayable loans, which will still account for over two-thirds of all capital lending to Welsh firms, and this is in spite, of course, of the Welsh Government’s stated aim to transition to an investment-led culture in relation to business lending practices. From my perspective, the Welsh firms fully deserve the financial support of the Welsh Government, but Welsh taxpayers also deserve strong commitments from the Welsh Government that the money extended to private firms will eventually be repaid and will be recycled to benefit other business start-ups and other vital public services. So, in this regard, I do think that the Welsh Government is failing to create the right and correct business environment. That said, I think that the development bank is the right organisation to support SMEs over the long term. It will be, of course, essential that the development bank has the right level of funding to provide intelligent and better targeted financial support to boost growth amongst SMEs.

In an environment where we have seen business start-ups fall by a quarter, I do think that the Welsh Government needs to show that Wales is very much open for business, and remove some of the obstacles and barriers that face entrepreneurs, through a permanent scheme for small business rate relief and a new approach to enterprise zones, which I think has been, I’m sad to say, a failure, given the data that we have received so far. The figures don’t make positive reading. Each new job created as a result of this flagship policy has come at a cost of £74,000, with £221 million having been invested since 2012. Now, enterprise zones were set up by the Welsh Government to grow the local economy and to provide new jobs, but there is little evidence of that to date. I appreciate that the Cabinet Secretary may say, in his 40 seconds, that he has got to have a longer term approach here. Yes, let’s see that happen. I hope that does come to be the case.

I suggest that we do need a new approach that will see the Welsh Government collaborate closely with the UK Government on the industrial strategy to help Welsh businesses create better, higher-paid jobs. In that regard, the strategy makes very clear commitments to advancing Wales's city and growth deals. I was heartened last week when the Chancellor gave reference to a mid Wales growth deal. I was very heartened by that, and that’s, of course, a recommendation that the Economy, Infrastructure and Skills Committee recently made as well. I very much hope that the Government will be responding positively to that. I’m looking at the clock and my time’s out, but I do hope that the Cabinet Secretary will manage to address many of my points in the 40 seconds that he has.