No matter your economic theories or beliefs, I think it's difficult to argue that Wales doesn't have an extractive economy. There are historic and contemporary trends of economic extraction and exploitation of Welsh resources by outside interests. The coal industry is a perfect historical example of that resource extraction. Wales powered the world, the first £1 million cheque signed around the corner from this Senedd, but all that coal shipped out and the money made elsewhere. We are poorer now because of the systems that allowed for economic extraction and left behind little wealth for the people of Wales. The Institute of Welsh Affairs has called this an economic coma that Westminster has created. George Monbiot has previously described Wales as a classic extractive economy, as our infrastructure maps resemble a series of drainages that flow towards the ports and borders that ultimately empty Wales of its wealth for the benefit of another.

We can see as well that Westminster still handles 45 per cent of Welsh expenditure, with no guarantee that it will be spent in line with the needs and desires of the people of Wales. And there are many more examples, more contemporary examples, where wealth is being cultivated from Welsh resources, but then enjoyed outside of Wales, with little to no benefit to Welsh people or the Welsh economy, whether that's through the Crown Estate, renewable energy extraction or food production and tree planting on agricultural land. And here's some food for thought: Wales represents 4.7 per cent of the UK population, but in 2020 we only received 2 per cent of the UK research and development budget. We also represent 6 per cent of railway track mileage, while receiving only 1 per cent of the current Network Rail budget. This is before even considering the impact of HS2. And the list goes on. Letting this tradition of an extractive economy continue will only be of further detriment to our economy and the livelihoods and living standards of Welsh citizens.

Many Members in this Chamber will also be aware of another form of extraction that is happening right now. We've spoken about it in this Chamber, and the economy Minister recently produced a strategy to tackle it, and that is the brain drain. We must improve our efforts to retain our young people and skilled talent in Wales and the assets they bring to the country. We cannot thrive if we cannot remedy the brain drain. There has been a historic trend and ongoing problem of out-migration of young people and talent from Wales into England, other parts of the UK, and the rest of the world. The 'Strategy for Rural Wales', written by the Welsh Council 50 years ago, in 1971, discussed the need to address the out-migration of young people from rural Wales.

In 2017, Wales was tenth out of 12 UK regions in terms of graduate loss. For example, it is thought that roughly 75 per cent of all young people in Wales that want to go into medicine will end up working for NHS England. When ambitious young people and talent are continually migrating from certain areas in Wales or Wales as whole, it makes it harder to pursue economic recovery, and it threatens Welsh access to skills and talents that would help build a sustainable economy. Addressing this issue is nuanced, however, as much of the data collection on the brain drain, such as graduate surveys or NHS patient data, do not detail why people have moved out of Wales, and out-migration from rural Wales is likely to be motivated differently to out-migration from Cardiff. To tackle this issue, we must improve our understanding of the causes of out-migration.

But we must take a more active role in doing this. The Scottish Government, for example, have commissioned and published research into factors influencing migration decisions in Scotland. Financial incentives could be used to retain labour in Wales, as has been done in Scotland, by reducing repayments on student loans, for example, which would essentially act as a reduction in the increasing tax rates that recent graduates have been facing following national insurance and council tax increases. Scotland has managed to reverse its brain drain to the rest of the UK in recent years, with more people moving from the rest of the UK into Scotland than the other way around.

To close, Llywydd, assets and their benefits, be they resources or people, should be retained in Wales, and for the benefit of all people living in Wales. Until we ensure that that is the case, then Wales will continue to fail in reaching its potential.