I welcome the new contracts and particularly the long overdue new rolling stock for the Valleys lines, but also the reduction in fares for the upper Valleys, which will help many people get more opportunities to commute in and access jobs, particularly in Cardiff.

Could I just ask the First Minister to say something about the risks that may come from the contract in terms of the different approach to risk sharing? If we see passenger numbers and fares undershoot relative to expectations, what may be the implications for other Government services?