Well, Llywydd, done properly, a shared prosperity fund would have the potential to offer new flexibilities in the way that regional economic funding could be spent in Wales, and maybe that is geographical—although those parts of Wales that benefit from those funds now would certainly have something to say if they thought that the future was one in which the help that they have had to date was to be diluted.

But, there are other ways in which flexibilities could be applied were the shared prosperity fund to be properly designed, so that money from Europe has been available for certain purposes. And then maybe there are other purposes that would have a bigger regional economic development impact that we could use funding for in a different sort of fund. It's been difficult under European funding sometimes to combine funds that are in the hands of the Welsh Government for other purposes with European Union funding, and a shared prosperity fund, properly designed, could be more flexible about the way in which different funding streams could be brought together to have the impact that we need.

So, I don't disagree with the basic premise of Russell George's question, but done properly, there are new flexibilities that we may be able to find. They would have to be carefully thought through and agreed with delivery partners here in Wales to make sure that they didn't have unintended negative consequences as well as potentially new positive impacts.