I'm very pleased to have the opportunity to take part in this important debate today, speaking on behalf of my colleague Adam Price. It requires real ability, political will and considerable courage to move away form the conventional ways of thinking in terms of economic policy, to move away from the obsession with the national economic indicators like GVA and GDP, an obsession that media and all political parties have been guilty of in the past, and to look at how we can better improve the everyday lives of our fellow citizens in real terms. GVA and GDP have, of course, a place in measuring overall national wealth, but what these indicators do not do is enable us to measure and understand real people's access to real resources, including financial wealth, let alone the health and happiness and well-being of our fellow citizens, and that, of course, is what really matters to people in their everyday lives. 

The Welsh Government has in the past concentrated our economic policy on delivering the so-called 'big-ticket wins'—the anchor companies to which Lee Waters has already referred. There has been some success in attracting and retaining large international, mostly foreign-owned firms, to Wales. While one can see the attraction of this approach, it is problematic; it has always been problematic, but as Lee Waters pointed out earlier, it has become more problematic now. 

There is, of course, immediate economic benefit, obviously, to those who are directly employed in these companies, and sometimes to local companies and supply chains, but in the end the profits are sent and spent elsewhere, and we know that the commitment of these multinationals to Wales, with some notable exceptions, is, at best, shallow. Too often, they will relocate at the whim of the markets, and this risk, of course, is heightened, as has already been pointed out, by Brexit.

There seems to be a consensus developing that we can't carry on like this. A paradigm shift is required in policy thinking. We must focus economic development more towards that everyday economy, which is relevant to all citizens in their everyday lives. Therefore, the new focus on the foundational economy in the Welsh Government's action plan is very much, I think, to be welcomed, as others have said. The foundational economy is made up of those basic goods and services distributed locally that are essential to life, including food, utilities, construction, retail, education, health and social care, and I very much take the point that Hefin has made about the importance of social care and how, in effect, we have outsourced much of that to big international companies that really don't care very much either about the people they're providing services to, their workers, or the communities they're providing services in. And, of course, housing is crucial. These sectors are where over half the people of Wales, of course, work, but we've tended to overlook them, in policy terms.

Working on prioritising the foundational economy will allow us to drive up wages in these key sectors as we improve productivity, and prevent leakages from local procurement and private consumption. Points have already been very well made about Preston council, and I'd be very interested to hear what contacts the Welsh Government has already had, and what further contacts they intend to have, with that very striking example. But there are, of course, other good examples, and others have mentioned those.

Of course, concentrating on the foundational economy would further allow us to retain a greater share of profits through higher local and social ownership. And this can be done in many ways. Plaid Cymru has been considering ideas, including establishing community economic development companies across Wales that can identify market opportunities for local co-operative enterprises and establishing an improved network and structure for the food and drink sector in Wales, bringing together all the various stakeholders across agriculture, food processing, health, nutrition and the environment. This could create a single joined-up policy that places healthy, nutritious and locally-produced food as a key overarching goal for the Welsh Government.

Like anything else in politics, refocusing economic policy is a matter of priorities. If the foundational sectors and the overlooked economy really do move up the list of priorities for the Welsh Government, and the signs are good—it is clear that there is movement on this—then resources can be better deployed to support, and policies better developed to engage with, the for-profit microfirms that account for over 30 per cent of employment in Wales.

We have to develop effective small business support, and, while there has been some success in the past, I'm sure we would all acknowledge that the previous models of small business support have, on the whole, failed to reach those businesses with the most potential to grow and which could use them most.

If we can get this right, we can positively influence the lives of large numbers of citizens, creating decent jobs whilst supporting growth and shaping the culture of the next generation of medium-sized grounded firms—that missing middle that we hear of. Many of the foundations and some of the institutions that can support the foundational economy already exist. The development bank, for example, has huge potential to build up the missing middle. However, it must move towards making long-term financial support for these Welsh-grounded firms through patient loans, where there's no expectation to be able to turn around a quick profit or a very quick return on investment, and to help local companies grow and, when necessary, potentially be bought out by staff themselves.

I can see, Dirprwy Lywydd, that my time is running out. There is much more that could be said.