Well, Llywydd, if I was to take Nick Ramsay's phrase literally, 'fully defend', then I don't suppose I could guarantee that, because the impact of coronavirus will be felt across the whole of the UK economy as well as the Welsh economy, and across UK Government revenues as well as our own. I am confident that the fiscal framework defends us against shocks that would be experienced in Wales where those shocks are experienced elsewhere. The block grant adjustment will take account of that and will mean that we are protected against those effects.

I'm also pleased to be able to say to the Member, because I know what a close interest he took in it at the time, that the 105 per cent consequential rule that we have as a result of the fiscal framework has already provided £360 million to Wales that would not have come to Wales were it not for the fiscal framework and that part of it that we negotiated at the time. So, we are defended by the fiscal framework. None of us are defended against the global impact that coronavirus has on the whole of the UK economy and more widely.