Thank you for that answer, Minister. Gerald Holtham, giving the Hodge lecture, said he had no idea how the Welsh economy was going to develop over the next decade. He made the point that Wales should look more towards the foundational economy to simply protect living standards. But he maintained that even if the Welsh economy grows to enrich most of the people in Wales, places like Merthyr were never going to match Bridgend, Swansea, Chepstow—and he should, of course, have added Cardiff. Does the Minister think that this analysis is correct?