First Minister, there's been talk of this 3 per cent cap on profits, and if that is true, that is no cap at all. Because according to the rail industry's own trade body, the Rail Delivery Group, the average operating profit for a rail company is 2.9 per cent. So, this means that your cap is higher than the average profit margin for train companies. Putting that aside, the Wales and borders franchise doesn't commercially make a profit, so the only way that any rail company makes money is through Government subsidies. That means, First Minister, that you are paying profits out of our budget to the pockets of private shareholders.

Secondly, the idea that you won't pay a company if it doesn't meet its targets is hardly some kind of radical socialist policy because nobody pays for work that hasn't been done—it's as simple as that.

Now, page 20 of the manifesto on which you were elected promised that you would deliver a not-for-profit rail operator. You have failed—you've done the exact opposite. So, can you explain: if you believe that the only way to deliver a rail service that works for people in Wales is through a not-for-profit operator, why have you lumbered us with a second-rate private rail service for the next 15 years?