Diolch. I move the motion. Local authorities that are principal councils will be able to exercise the general power of competence from the start of November. When they are exercising that power for a commercial purpose, it is important that local authorities fully consider what they are trying to achieve, why and how they are going to achieve this, the likely financial implications and the benefits to their communities. This will support transparent and robust decision making, enabling decisions to be made in recognition of the potential consequences or risks and after careful consideration.

It will strike a balance between innovation and the proper custody of public money. It is essential that authorities be prudent about exposing themselves to commercial risk. These regulations therefore take a proportionate approach, requiring local authorities to prepare and approve a business case before they exercise the general power for a commercial purpose and to publish it. The regulations set out the requirements for this business case, including the aims and objectives, the anticipated costs and benefits and an analysis of any risks involved. We consider that the process of preparing and approving a business case will help ensure authorities take fully informed decisions that are properly exposed to democratic scrutiny in advance. I ask Members to approve these regulations today.