In my remarks today, I am speaking on behalf of the Welsh Conservative group. In my remarks, I would like to focus on the impact of the Welsh Government's budget in regard to support for businesses and on transport matters as well. Despite what the Cabinet Secretary for Finance said in his opening statement, large investments in this year's budget are only, of course, made possible by additional funding allocated by the UK Government, which makes it all the more disappointing, I think, that the Welsh Government have inflicted real-terms cuts on business support and infrastructure in Wales, which I'll come on to.

The Welsh Government's budget does seem to contradict the strategy for supporting the economy of Wales. We have an economic action plan but no detail on how this budget supports that plan, and no detail on how the budget supports SMEs or will grow employment in Wales. Business rates have been mentioned by Darren Millar and Gareth Bennett. Business rate relief remains the poorest offer in any part of the UK, so I do look forward to the detail that I hope the Cabinet Secretary will be able to bring to clarify how that is going to be rectified.

I am particularly concerned that Business Wales and business innovation have had their revenue funding cut by 41 per cent and 30 per cent, respectively. That's according to the budget as published. We on these benches believe that SMEs in Wales require support to obtain investment capital and advice on how to grow their businesses. The SME sector, I think, will be right to be disappointed that revenue funding for two key SME support bodies has been cut so dramatically. In addition to the 18 per cent real-terms cut in the revenue funding for business development will be a further decrease in confidence that SMEs have in the Welsh Government's commitment to supporting small enterprises in Wales.

Presiding Officer, Wales is also consistently failing to diversify its exports market. Now, that's been something that I have relayed a couple of times in this Chamber, but it was also mentioned by Paul Davies in the earlier debate today. This will have a damaging effect, I think, when you look at export, trade and inward investment being cut in real terms as well by 1.5 per cent by this budget. Following Brexit, the need for Wales to have a diverse set of destinations for its exports is going to be more important than ever before. So, Wales should be positioning itself to take advantage of trade opportunities post Brexit and, within this context, the Welsh Government's cuts to this component of the budget do seem short-sighted to me.

And despite the UK Government's announcement of £120 million for a north Wales growth deal, which Darren Millar talked about, and a commitment to support a mid Wales growth deal, I am concerned that the draft budget has a real-terms cut of 1.6 per cent for funding for city and growth deals. And I hope the Cabinet Secretary will be able to comment on that.

The elephant in the room in regards to the transport budget is, of course, the M4 relief road. That decision will have profound implications for future budgets across a range of portfolios, and this hasn't been covered at all in the draft budget, and I don't recall that the Cabinet Secretary for Finance mentioned it in his opening comments at all, which is very telling. But this is the biggest infrastructure project that we will have seen by the Welsh Government and yet no mention today at all.

Wales's economic development continues to be hampered by an ineffective public transport system. Reducing the funding available for the development of a national transport infrastructure will therefore only worsen this situation. I note that the smartcards have been cut by 1.6 per cent and road safety by another 1.6 per cent.

So, in conclusion, Presiding Officer, I'm afraid to say that the Welsh Government has laid a budget that is a major disappointment to us on this side of the Chamber on creating the right economic conditions to drive forward prosperity and productivity across Wales and build the infrastructure that is fit for the future.