Back in March 2020, we were told that we were all facing the same storm, but whilst we may have been facing the same storm, we weren't all rowing in the same boat—those on low incomes, the self-employed, the 3 million United Kingdom taxpayers not entitled to Government support, single parents, renters, and the list goes on. A separate report published today stated that UK households have suffered the biggest fall in available cash in eight years, and that the unique pressures facing young people risks creating a generation precariat, with only half of young adults able to make ends meet each month.

On one specific issue in the report, I was very pleased to see in the response from the Welsh Government an acceptance of the committee's recommendation to pursue an idea of a debt bonfire, which the Welsh Liberal Democrats put forward in last May's election. We propose that the Welsh Government make available a limited fund to purchase and write off public sector-related debt, where this may prevent someone from accessing services or support. A debt bonfire could be a powerful solution for those who are trapped under the weight of debt and who can't escape debt because of the limited support available to them. And, of course, there are many, many other recommendations in the report that I welcome.

But the reality is that there are steps that the United Kingdom Government could be taking now that could give people a brighter outlook for the year ahead. One is the Conservatives revisiting the decision to freeze the personal tax allowance, which will see 85,000 people in Wales paying more income tax. They could have opted for a fairer way of raising additional revenues than through hiking national insurance contributions. People are facing this cost-of-living disaster that we're hearing so much about, and we have to do everything possible, both Governments, to ensure that the pandemic and the rapidly rising cost of living do not leave millions behind. Diolch yn fawr iawn.