Whilst we acknowledge that there has been some progress during the Fifth Assembly, it is also true to say that the last 20 years of Labour control has not delivered on the economy in the way those who voted for them should have expected. And don't let us forget that, for 13 of those 20 years, there was a Labour Government in Westminster as well as a Labour Government here in Wales.

The very fact that we still have 25 plus per cent of our population living in poverty, despite the fact that we have been recipients of billions of pounds of so-called EU money—which is, of course, our money coming back to us with strings attached—is surely a dramatic indicator that previous economic strategies by the Welsh Government have largely failed. The problem has been, of course, that most of the money has gone into the public sector. And it is in the public sector that we have seen the greatest rise in employment. Whilst in some instances, these additional jobs have been necessary and, indeed, vital, there are many that are nothing more than an expansion in bureaucracy and unnecessary quangos. If Wales is to improve its performance with regard to expanding the private sector and such economic indicators as productivity, it is crucial that the Welsh Government be seen to concentrate its efforts into growing the private sector in Wales. We cannot afford another 20 years of failed projects such as Communities First, which consumed in excess of £400 million in its 18 years of existence, with little or no impact on the Welsh economy. One cannot but speculate, if £1 million had been given to 400 proven entrepreneurs with necessary checks and balances, how many real jobs might have been created during that period.

There are, of course, real indications that the Government is moving in the right direction—such things as bringing Aston Martin to Wales and the Minister for the Economy and Transport's statement on his efforts to establish the global centre for rail excellence. But there is huge scope for improvement. We're still near the bottom with regard to our research and development sector when compared to other countries and regions in the UK. The figures have been pointed out earlier by Mark. R&D is the springboard for commercial expansion and the Labour Government needs to dramatically increase its funding in this crucial area for economic growth. We look forward to a step change in the Labour Government's commitment to expanding the private sector in Wales.