Diolch, Deputy Presiding Officer. Cabinet Secretary, I'm pleased that you have finally launched your economic action plan. I would say it has come 19 months since the 2016 Assembly elections, in which, of course, you stated that the economy would be your Government's No. 1 priority. The document was only received this morning by Assembly Members, but I've done my best to read as much as I can in the time I've had this morning.

I am somewhat underwhelmed by your passive approach. The plan has no reflective merit upon the economic challenges that face Wales. Back in 1999, the then Welsh Government announced its intention to raise gross value added in Wales to 90 per cent of the UK average in order to deliver a strong Welsh economy and higher wages to the ordinary Welsh worker. Now, the economic action plan today is the fourth economic strategy launched by the Welsh Government since 1999—almost 20 years of these economic strategies. Welsh GVA has shrunk from 72 per cent of the UK average in 1999 to 71 per cent in 2015. The practical results of these successive failures, I would say, in strategies is that productivity in Wales is now the lowest out of all home nations and regions, and Wales, therefore, now faces an acute productivity crisis and Wales has the lowest weekly earnings in the UK. It's no surprise that the 90 per cent GVA target has been quietly dropped by successive Welsh Governments as a stated aim for the performance level of the Welsh economy.

Looking at the action plan, there are very laudable ambitions, I think, in the action plan, but the strategy is devoid of any strategic insight and methods of delivery, and though I welcome the intent, of course, in the action plan, it seems that the commitments are simply ambitions and words with little insight and direction as to how they will be driven forward, and little support for businesses.

As you would expect and as is also correct, I want to closely scrutinise the development of the ambitions as they move from words to reality, but this is going to be almost impossible as the action plan includes no measures and no measurable outcomes. So, can I ask: what is the timetable for delivery on these ambitions and how will you measure success? You say that the scale of your ambition is huge. That's what you say in the document. But what is the final goal? What does success look like, in your view?

Turning to the specifics of the action plan, the document makes no mention of the resources that will accompany the plan or the Welsh Government's flagship economic policies, including enterprise zones and the attraction of foreign direct investment into Wales. The omission of these policies, perhaps, from the action plan, I'd suggest, speaks volumes about the complete lack of success on these measures.

Through the economic contract and calls to action, you also appear to be changing your approach from targeting a number of priority sectors to broad headline sectors, but it provides no meaningful detail as to how the Welsh Government plans to support businesses going forward. So, it does nothing to increase or speed up business lending, I'd say, and only adds to the administrative burden facing firms seeking support to grow and flourish.

From a business perspective, I do have concerns about whether businesses will be able to identify which sector they belong to. As you're no longer going after sectors, I would welcome more detail on why the Welsh Government has adopted this change of approach.

Turning to the economy futures fund, I understand that the fund will operate as a mix of grants and loans, with the balance between the two changing, depending on the economic cycle. So, this doesn't appear to be very different from the system of repayable finance. So, I would welcome more detail on the following areas. What do you envisage the mix of grants and loans will be in the first year of the fund? What will be the reporting milestones in assessing the balance between the mix of grants and loans? And what existing funds are going to be simplified and consolidated into this fund?

Finally, I welcome the shift to a more regional approach and addressing regional inequalities. I was very pleased to see this direction in the action plan. I have to say that I am sceptical about the way in which you have drawn up the map, grouping together mid and south-west Wales. Parts of Powys have very little in common, I would say, with Swansea and Port Talbot. The economies are very, very different. So, I would like to understand more about your logic in terms of how you've developed the map.

Reading on page 23 of the plan—