I couldn't agree with Alun Davies more in terms of his assessment of the way in which the UK Government has used people to deliver its own agenda, and then not fulfilled the promises that it made to them. We don't have that same arrogance here in the Welsh Government. We've worked really hard, looking internationally, and looking to the OECD, to see what we can learn in terms of delivering regional investment in the future here. We have had a national conversation, speaking to thousands of people to explore what the best way forward will be for reconstruction and how we use our funds best in the future.

The UK Government was really quick to argue that we would receive more funding this year than last. But, of course, netting off the payments has reduced our funding, and disregards the fact that, had we remained in the EU, we would now have a full year's financial allocation for new programmes, in addition to the payments due from the programmes that are beginning to tail off. So, we would have been in a very different situation as compared to the UK Government's £220 million UK-wide shared prosperity fund, of which we yet are to find out any details. Compare that to the annual £375 million that we would have had from the EU. The UK Government still has time to deliver on its promise that we won't be a penny worse off, and I would encourage them to do so.