I very much welcome the statement by the Cabinet Secretary, who I'm sure agrees with me that the choice is often between austerity or growth and what austerity is doing is strangling growth in the British economy and the Welsh economy. Could I also say that it wasn't serendipity that Wales has got low PFI? It was good decisions taken by the Welsh Government at the time. They could've followed Scotland and England and built up that debt.

I'd like to put on record my personal congratulations to Jane Hutt, the person who started off this 10-year programme. I just look at the benefits it has given to my constituency: the new secondary schools, the new primary schools, the improved transport infrastructure, the new homes. That's what we try to get elected for—to improve the lives of the constituents we represent. Capital expenditure is incredibly important, not just to provide the buildings, but very much to reflate the Welsh economy. You put money in—capital expenditure—and you buy goods and you employ people and the money gets circulated inside the economy. This is something that doesn't seem to have crossed Philip Hammond's mind, because it probably doesn't appear on his spreadsheet.

It's a very important point that Adam Price raised about bonds, but the important thing about bonds is not to use them, but to have the capacity to use them to keep the Public Works Loan Board honest. Very few people—. You'll see them used—bonds—by local government bodies. Transport for London took out a very substantial bond, but very few other people have. When the Public Works Loan Board started looking at increasing interest rates, people started looking to bonds in order to push their rates down. I think it's important that we have the ability to use bonds, not necessarily because we want to use them, but because they give us power over the Public Works Loan Board, which, if we didn't have that, would be the only lender we could go to.

Can I just say I very much welcome the £60 million over three years to accelerate the creation of active travel routes to connect residential areas with key employment and educational sites and services? I'm sure that my colleague Lee Waters is going to say more about that later on. When will the split by region or local authority be available, or will local authorities have to bid, and how will those bids be decided?

Inside this money, will there be extra money available for the Swansea bay city region for transport within that region? I know we use the word 'metro' because that's the word we've got used to, but improved bus and rail links, opening additional railway stations, making it easier for people to cycle and walk within that area is really what I'm talking about in that. For relatively small sums, huge improvements can be made in terms of ensuring that cycle routes are completed, that buses and trains actually meet each other so you can get off a bus and catch a train or get off a train and catch a bus, rather than being unco-ordinated, and that buses get close to the railway stations, rather than making people walk 200 yards, or 200m in modern parlance, when it's raining.

My final question is: waste recycling collaboration, will there be money available for that, and how will that be distributed?