Can I also thank the Minister for her statement? Can I just explain to Rhun ap Iorwerth that borrowing rates are low in Britain, they're not low in the rest of the world? In Armenia, it's over 6 per cent; in Egypt, it's over 10 per cent; in Argentina, it's over 30 per cent. So, although we have low interest rates, it's not low all over the world, because the British economy is considered to be quite stable.

Can I start off by saying I'm sceptical of the mutual investment model, especially its revenue cost down the line? I have some general comments on MIM. To quote from a private briefing, the only difference financially between MIM and PFI is there's no facilities management portion of the contract. Companies will borrow at best at 1.5 per cent to 2 per cent above the base rate. Some will borrow at 5 per cent or more above base rate. They will also add a profit, I would suggest, of 5 per cent or 10 per cent of the minimum required. This is adding cost. While the aim is to pass risk onto the private sector, what will happen is that a single-purpose minimum investment company will be formed, and, if there is a problem with the contract, it will liquidate it and the expenditure incurred for the work done will be claimed by the liquidator. The community benefits are factored into the cost. We're actually paying for them—or the Welsh Government are paying for them. The question I've got is: when will the Wales Audit Office be able to look at these contracts and report back?