Well, I reject the outrageous allegations the Member just made in the Chamber. I think that the allegations of mismanagement are completely inappropriate—completely inappropriate. The opportunity that the work of the steering group represents, and indeed the work of the commission that's been given to the Organisation for Economic Co-operation and Development, is to seek the best possible input into how these policies are devised in future. The Welsh Government allocates this money at an arm's length through Welsh European Funding Office, as he will very well know. And so the particular points that he makes are completely unacceptable and inappropriate.

Looking forward, there is an opportunity to look at how we manage regional investment in Wales in a way that enables them to be better aligned with priorities that we have in Wales, better aligned with investment that Welsh Government might make through other sources and, indeed, that local government might make through other sources across Wales. All of those are significant prizes, if we can devise the right way forward.

But, again, I would say to him that, if he thinks that the solution to this is a UK-Government-managed fund, he needs to look at the failures of the UK Government in its work in Wales over the last few years. And if he thinks that people don't trust the Welsh Government to manage these funds—I think he's being very, very optimistic if he thinks that anybody in Wales might trust the UK Government to manage these funds better.