I thank Mike Hedges for raising those issues. And of course I'm familiar with Mike's scepticism over the MIM approach, and I think it is helpful to have that level of challenge, because we've had some excellent discussions in Finance Committee particularly, but also several times here in the Senedd, when we've explored the MIM model.

There was a particular question regarding borrowing and why Welsh Government—not a question, really; a comment as to borrowing. And some people have asked, 'Well, why doesn't Welsh Government borrow to deliver the A465 or more of these school schemes?' Well, as Mike's aware, the borrowing limit is very modest, only £150 million a year, and, obviously, we've already got really ambitious investment plans: housing, health, other parts of our school agenda, the metro, responding to the Burns report, which is due next week as well. So, borrowing really is necessary to ensure that we can deliver on these, and this is one of the reasons I'm grateful for the cross-party support and the support of the Finance Committee in terms of our efforts to extend or expand our borrowing capability and get that agreement from the UK Government.

Just a couple of words on the cost of the projects from the school side—so, we've committed to delivering new schools and colleges with a capital value of up to £500 million through the Welsh education partnership. Total annual service payment for that won't yet be known until the projects are in operation, and we do expect those projects to be delivered over the next seven years. So, when we've agreed our contracts with Meridian, what we haven't done is entered into a contract for one partner to deliver the project, but one partner to assemble the project. So, there will be the opportunity then for local contractors to bid for those projects. We'll be advertising on Sell2Wales, and of course we want local businesses to come together as partners and as groups in which to bid for those projects if they are too small players to bid on their own for those. I think that's important as well.

And the Development Bank of Wales will be a shareholder in each of the project companies established for the schools and colleges project. And we intend to—well, we have provided a very modest working capital facility to establish WEPCo, equating to 20 per cent of the latter's working capital needs. So, that's putting the situation on the record as it is at the moment, but of course there'll be opportunities in due course, once things have progressed further, for that in-depth level of scrutiny.