The Conservative Government in Westminster now appears to accept low growth, low productivity increase and stagnation or a reduction in real wages for the many as a new form of economic reality. Can I say, from the start, I don't accept that? Low productivity is a direct result of Government policies. Pay is low; it's easy to reduce the hours or terminate the employment of workers; many companies have serious concerns for the direction the economy is moving in. Then, it is inevitable that investment in equipment that would increase productivity will not take place, and the consequence of that is a further slowing of productivity increase.

It would be churlish not to welcome the additional money—£1.2 billion is a large figure. The revenue budget will increase by £215 million and the capital budget will increase by approximately £1 billion, over 4 years, equating to just under £54 million of extra revenue a year. Or, as Andrew R.T. Davies just described it, enough to get Betsi Cadwaladr out of trouble. Whilst welcome, this is not the sort of amount to end austerity. It's certainly not economy-changing.

Of the £1 billion capital, £650 million of additional capital funding is in the form of funding that must be paid back to the UK Treasury, and there are tight restrictions on what it can be spent on. So, that leaves £350 million, or just under £90 million a year. When you actually take it down to what it actually comes down to, you discover it's nowhere near as mouthwatering as the Government tried to make it.

However, even with this additional funding, the Welsh Government’s budget will be 5 per cent lower in real terms in 2019-20 than it was in 2010-11. The Conservatives are following the same failed policies of Herbert Hoover in 1930s America, when he managed to turn a recession into a depression. Just remember this, as Adam Price said earlier, we haven't had a downturn of our economy yet, which comes every 10 years or so; we're awaiting that. And, despite that, we're still doing very badly as we move along the bottom. The recession is yet to come.

It took the new deal of Franklin Roosevelt to get the American economy growing. It will take the new deal of Jeremy Corbyn to get the British and Welsh economies moving. The Conservatives used to say they were running the economy like a household runs theirs. If households followed their policies, then no-one would ever buy a larger house or increase their mortgage.

I agree with that part of the motion that we should regret that the UK Government budget did nothing to commit to the Swansea tidal lagoon. You have to invest in new technology. We know that tidal lagoons are reliable in terms of electricity production. We know that they are a renewable energy. In fact, somebody can tell me what the tides will be in 100 years' time. This is a technology that, by the tidal bore of the Severn, gives us in Swansea a huge advantage, where the tidal range is the second-highest in the world, reaching a maximum of 50 ft. We have an advantage as a country; we need to use it. 

Tidal lagoons will be built; one will be built in Swansea. The question is when. If we are the first, then we develop the technology, we develop the supply chain and we become an exporter of the technology. If we are number 20, we become an importer. That's what happened with wind turbines. Wind turbines are now designed and made in Denmark and Germany, because they were there at the very beginning. You need to be there at the beginning to develop an industry. Where the design skills exist, they build up the supply chain. They get all the advantages. That's why, when we have wind turbines coming in, we see them coming in by boat and then being transported to wherever they're going by the very big lorries or back by boat out to sea. But we know that they've got the advantage because they were there first, and it's really important that we are there first.

Public sector workers are paying the price for the banking crisis and the Tory failing austerity measures. Plaid Cymru calls on the Welsh Government to take steps to lift the public sector cap. What they forgot to add was 'And more redundancies in the Welsh public sector.' As the Welsh Government has basically a fixed income, with only small amounts due to its tax policies and any income it gets in, then every penny it spends on something has to come off something else—. Sorry.