4. Topical Questions

Part of the debate – in the Senedd at 3:29 pm on 16 October 2019.

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Photo of Lee Waters Lee Waters Labour 3:29, 16 October 2019

Thank you for the questions. We're as confident as we can be, but, obviously, that depends on all other things being equal, and all of the things are not equal. We know that the industry is under considerable strain. The company has faced some issues unique to the company, but also faced the issues that others are facing. The volatility of the exchange rate since the UK Government failed to deliver the deal it negotiated with the European Union, and the uncertainty that has caused, has been a significant factor in the company's position, especially in the availability of cash flow. That is a problem across the industry. [Interruption.] I'm afraid I can't hear the honourable gentleman heckling me, but I'm trying to answer the questions he poses; it may not be the answer he was looking for, but it is the truth. The impact of the uncertainty of the position with Brexit is having a palpable and real effect on the industry, and has had a specific effect in this case. It was not the only factor, but it is a significant factor. [Interruption.] The gentleman is saying it is a scandal. I would say to him that it is a scandal that he's sticking his fingers in his ears and not seeing what is happening around us and the impact of the reckless policies he's pursuing, and has been pursuing with abandon for the last three years. Well, this is the consequence of it. This is what it looks like—jobs, livelihoods, the future of industry in our country, in north Wales—the consequence of the uncertainty and the fluctuation of the exchange rate, and the impact on cash flow of businesses. Now, we can do all that we can, but that's all we can do. We cannot stop these forces that are being unleashed by him and his reckless colleagues.

In terms of the specific comments that he makes—[Interruption.] He says 'utter rubbish'. Well, I'm afraid, he quoted a loan scheme that he says has been going for three years that's only been going for one year. So, if he wants to exchange comments of 'utter rubbish', we can both play that game. I'd be happy to write to him on some of the detailed points he made.FootnoteLink I can give him a sincere commitment: we will do all we can to secure the future of this industry, and this business, but there are limits to what we can do.