Now, the Member asks, 'What is it all about?' It's about making sure that we drive investment with a social purpose, that we drive inclusive growth, and that we futureproof the economy. In order to drive inclusive growth, we've developed the economic contract. In order to drive up productivity, we have the calls to action, and each of those calls to action mirror the factors that are contributing to our lagging productivity. Therefore, by making sure that funding from Welsh Government is only channelled through those calls to action, we will also be channelling our money into those areas of activity that need to be addressed if we are to improve the productivity of the economy—for example, the diffusion of innovation, relatively poor leadership. Relatively poor leadership also will be addressed through the implementation and adoption of the economic contract, because too many people go into the workplace unable to contribute as fully as they could do because they feel too stressed or too anxious or too depressed, for example. That will be addressed through the economic contract by making sure that employers commit to improving the health—and particularly the mental health—of the workforce. Raising wage levels will be dealt with through placing an emphasis in the economic contract on fair work and through placing within the calls to action an emphasis on high-quality employment and skills—skills contributing probably more than any other factor to improving wage rates and progression in the workplace.

Now, in terms of—. And I was very pleased to hear the Member say that he had little to disagree with in the economic action plan. In terms of how it can fit with the UK industrial strategy, I think—or I would hope—that the Member would recognise that the five calls to action actually mirror very, very neatly the UK industrial strategy's call for a challenge fund, applications for innovation, for, essentially, a way of doing business that irons out regional inequality. There is a common theme across both plans that concerns inequality across the UK and inequality across Wales. So, our plan is designed to dovetail with some of the challenge fund opportunities—the big money that can come from UK Government—by ensuring that we use our plan as the vehicle to drive collaboration across businesses and between businesses and learning institutions.

In terms of what success will look like, given that the focus is now on inclusive growth, success will be measured by how we drive up wealth in the aggregate, for sure, but also how we drive up levels of well-being, whilst also reducing inequality between the two. Now, we're taking a step ahead of where many other countries are going in terms of inclusive growth. The Member may have noticed that an appointee to the ministerial advisory board is the director of Purposeful Capital, a global organisation that looks at best practice and at disseminating best practice in driving inclusive growth. It's one example of how I wish to have external challenge inform the development, the implementation and the future implementation of other phases of the economic action plan to ensure that we do deliver against what I see success to look like.

For small and medium-sized enterprises, and for micro-sized enterprises, Business Wales will continue to offer expert advice. Business Wales will go on working more closely than ever before with Careers Wales. We now have a record number of business births, a record number of active enterprises, and all activity that Business Wales will be conducting will be aligned to the calls to action and the economic contract. So, any small and medium-sized or micro-sized business that fails to meet the criteria of the economic contract will get support from Business Wales in order to come back to the door to re-apply for direct financial support.

In terms of red tape and administration, I can guarantee to the Member that we are simplifying our approach through the economy futures fund, and that bureaucracy will be kept to an absolute minimum in terms of the application process for the economic contract forming one sheet of a contract. It will not be burdensome. The contract is about making sure that we maintain a constructive ongoing dialogue with businesses so that we don't just hand out money, wait for it to be spent, and then monitor it in years afterwards, that we actually go on conversing with business about the best way to modernise, the best way to be more productive, the best way to adopt fair working practices. I recognise that this is a very different way of doing economic development and, in the future phases, there will be another major shift, and Russell George mentioned regional inequality. Well, the next phase of our work will involve the establishment of new spatial, place-based economic development ways of working—I've already appointed the chief regional officers for the three regions—and that will be looking at how we can ensure that the regional plans are agreed to by local authorities and other stakeholders across the regions, so that, in the three regions of Wales, all partners, in the spirit of the Be The Spark initiative, are working to the same ends.