Diolch yn fawr iawn. As we have said before, the economic picture is stark and unstable, and its future path is intrinsically linked to that of the pandemic and, indeed, the end of the EU transition period. As the picture of the economic position emerges, this intricate balance between public health and the economy has been brought into even sharper focus over recent days, with the announcement of further national and local restrictions to control the spread of the virus as we enter the autumn and winter period. Given this fluid and rapidly evolving context, and as we look to find the balance between rescue and recovery, it's clear that there is a strong rationale for continued support for businesses, for people and for communities in Wales to help improve their short to medium-term prospects.

The UK Government's coronavirus job retention scheme, which will end next month, has been essential in protecting Welsh jobs, and it's delivered support at an unprecedented scale that can only be provided by the UK Government. We've consistently urged the UK Government to put in place new arrangements in parallel with the coronavirus job retention scheme being wound down. In particular, we've pressed for increased support for those sectors hit hardest, for greater efforts towards job creation as well as job security and more investment in training and skills, all of which would assist the economy to recover more rapidly. 

Support should be offered to help workers who are being made redundant now, and those who will be made redundant in the weeks ahead, as current employment subsidy schemes disappear. More needs to be done to help people find new jobs and incentivise employers to hire workers. So we welcome the Chancellor's decision to extend the value added tax reduction for the hospitality and tourism sector until March 2021, to extend repayment deadlines for businesses that have deferred VAT and to provide more flexible terms for businesses that have taken out Government-backed loans. However, overall, the measures announced, unfortunately, are unlikely to be sufficient to prevent a large rise in unemployment in the months ahead. More needs to be done, and we will continue to press the UK Government to take bolder steps to assuring our economic recovery and supporting future prosperity for businesses and for people across the UK.

To date, our economic resilience fund has already supported 13,000 businesses, helping to secure more than 100,000 jobs for our citizens. Our £1.7 billion business support package, equivalent to 2.6 per cent of our gross value added, aims to complement and supplement other UK Government schemes, and means that companies in Wales have access to the most generous offer of help anywhere in the United Kingdom.

Now, following the principles of providing enhanced support, yesterday I announced that the Welsh Government is making an additional £140 million available to businesses to help them deal with the economic challenges of COVID-19 and the UK's impending exit from the EU. The funding from the third phase of the ERF will see wider support being provided to secure jobs and help businesses develop, as well as additional help for firms affected by local restrictions. This new phase of the ERF will see £80 million being made available to help businesses develop and secure the employment of their workforces, through business development grants, but they will require firms to commit some of their own resources in return. Some £20 million of this budget will be allocated to supporting tourism and hospitality businesses that I know are facing particular constraints and challenges as we enter the winter months. The scheme will also reward those businesses that create new job opportunities for under 25-year-olds. Meanwhile, an additional £60 million will be allocated to support in areas that are subject to local restrictions.