I thank Huw Irranca-Davies for that, and can I begin, Llywydd, by thanking him and Members of the steering group for the very engaged piece of work that they have been involved in over the whole of last year? I know the group intends to meet again in February, and that we will have a formal consultation drawing on its proposals again in March, because the can that is the shared prosperity fund cannot go on being kicked down the road by this Government in the way that it was continuously kicked down the road by its predecessor.

Now, I've had a conversation with the new Secretary of State for Wales, Llywydd. He assured me that he was committed to working in a consensual way with the devolved administration, that he will be looking for ways of agreeing practical ways forward on key policy issues, and I take those assurances at face value and look forward to meeting him to discuss the shared prosperity fund and other matters of mutual interest. But, when we come to those discussions, it will have to be, as Huw Irranca-Davies has said, on the basis of the principles that we have already articulated here.

People in Wales who voted to leave the European Union were promised that Wales would not be a penny worse off. That must be delivered through the shared prosperity fund. Regional economic policy has been devolved to the National Assembly for Wales since 1999. It is not a new addition to the repertoire of responsibilities that this National Assembly holds, and when the shared prosperity fund is brought into the daylight and we all have a chance to be able to look at it properly and to debate it, then it must deliver that as well. But, the responsibility for deploying that money should be as close as possible to the place where the difference can be made.

That's what all the literature tells us about regional economic development, it's what the OECD, which we are working with on this, tells us too, and it's why the work of the steering group that Huw Irranca-Davies has chaired has been supported by the FSB, the WLGA, Universities Wales, HEFCW, the WCVA, as well as think tanks outside Wales like the Joseph Rowntree Foundation and the all-party parliamentary group at Westminster. Our principles are principles that are widely shared beyond this Chamber and we look for them to be honoured in the shared prosperity fund.