6. Will the Cabinet Secretary provide an update on the economic contract between the Welsh Government and Welsh businesses? OAQ53003

Yes. I am delighted that we recently agreed the hundredth economic contract. It's only been in place for six months and this—[Inaudible.] 

The Office for National Statistics has reported that the average full-time female employee earns 8.6 per cent less than the average male employee. In light of Equal Pay Day 2018 on 10 November and the recent call by the Electoral Reform Society Cymru and groups such as the Women's Equality Network, Chwarae Teg, BAWSO, Llamau to close the political gender gap and publish diversity data, is there an opportunity to use the economic contract to help address the gender pay gap?

There is no doubt in my mind that many employers could adopt the economic contract and provide their employees with a better working environment and opportunities to progress through the workplace and up through various jobs and roles and earn more remuneration as a consequence. Now, the gender pay difference on an hourly full-time basis is 7.3 per cent in Wales and 8.6 per cent across the UK as a whole. Between 2011 and 2018, the gender pay difference in Wales decreased from 9.2 per cent to that 7.3 per cent—so, a welcome move in the right direction over the last seven years. However, I'm afraid that still more work needs to be done, and I think that the role of the Fair Work Commission will be crucial in this regard, in informing how we use the economic contract as the vehicle to drive responsible employer behaviours. Of course, equal pay for men and women is a responsible approach that businesses should adopt. 

Cabinet Secretary, how many businesses in Wales has the Welsh Government engaged with directly in relation to the new economic contract, and can I ask: how much does the Welsh Government intend to lend small and medium-sized enterprises as a direct result of the new economic contract?

Well, the Member will know from my evidence session at his committee just recently that the consolidated economy futures fund has been established. That's now in operation. We've awarded a significant number of businesses support. Those include small and micro-sized businesses. The new economic contract is being promoted first and foremost in the initial stages to businesses that are seeking financial support from Government. But, I'm able to say—and I'm delighted to be able to inform the Member—that we are hearing of a number of businesses that are not seeking financial support now applying and successfully signing the economic contract. That shows, I think, that Wales actually does have a huge number of businesses that act responsibly and want to drive inclusive growth as a priority for our country.