Diolch, Weinidog. Looking ahead, beyond the short to medium term recovery and to that longer term strategy for recovery, one way we can ensure prosperity for local communities in Wales is through supporting community co-operatives, social enterprises and the Welsh foundational economy. The pandemic has highlighted that a strong and supported foundational economy is crucial. In some areas of Wales, the foundational economy constitutes the whole economy. We know that four in 10 Welsh jobs are part of the foundational economy, and that £1 in every £3 spent in Wales is in that foundational economy.

Now, the Institute of Welsh Affairs has recommended the formalising of a 'Think small first' principle to embed local consumption habits in Wales. This should help to support the foundational economy, which has proven key during the pandemic and in boosting the Welsh economy more generally. Regulation serves an important role in providing consistency and a level playing field to small and medium-sized enterprises and local businesses, especially in the foundational economy. However, the number of SMEs considering working for the public sector is falling, and 51 per cent of respondents in the Department for Business, Energy and Industrial Strategy's small business survey described regulation as the most significant challenge.

In the Welsh Government's 2017 economic action plan, there was a commitment to review regulation but the Institute of Welsh Affairs has noted it is not clear what action has been taken to fulfil this commitment. I'd be grateful to the Minister if he could outline what assistance is in place for SMEs and local businesses who are trying to navigate regulation and procurement processes, and have any reviews taken place since the 2017 economic action plan, and as well, what is the Welsh Government doing to prioritise locally owned businesses over profit-exporting corporations as the foundation of our economy, and how are they campaigning for consumers to do the same?