Thank you very much for that. That's clear. The issue of Erasmus throws up some other questions in my mind, where we might not agree so much, I think—but I haven't said it yet—related to the wider health of the HE sector. Media reports over the weekend were clear that HE faces some very big challenges. The Vice Chancellor of Cardiff Met said—and I quote—that the talk of the sector was now, 'How big is your deficit?', not if there is a deficit.

I understand that some costs, such as those related to pensions have caused deficits to look larger this year, but it's clear that most institutions are operating in the red and there is also a continuing decline in the number of accepted applicants in Wales and a fall of 17,000 overall applications since 2016. Now, I'm sure you're well aware of the wider economic impact of Welsh universities, and we have rehearsed some of those arguments here over the past few months. It concerns us in Plaid Cymru that half of all Welsh students chose to leave the country to go elsewhere to university. We're not saying that they shouldn't go, but we are concerned that over half decided to go, and we do see that the brain drain from Wales that has happened over decades has not been tackled over previous Governments here in Wales.

So, my question to you, my final question, is: what are you doing differently to ensure that we can turn that around and encourage many more people to stay and to have their education in Wales? And I will say, just to end, it's not about not encouraging people to go elsewhere to study, but we have to acknowledge, for a successful and vibrant HE sector here in Wales, we have to look at how we can retain some of those students here in Wales because that is part and parcel of the issue at the moment.