In terms of unemployment, the latest figures show that the unemployment rate in Wales was at 3 per cent, compared to a UK rate of 3.8 per cent. Over the last decade, we have helped more than 19,000 young people access good quality work through Jobs Growth Wales. More generally, Wales has the second-fastest growth of any UK country or region over the period between the recession in 2008 and the most recently available data. Wales was only outperformed, and only narrowly, by London.

As the Resolution Foundation reported prior to the pandemic, the proportion of low-paid employees in Wales has been falling. On hourly pay, which we've heard much about, median hourly pay in Wales is now higher than north-east England, the east midlands and Yorkshire and the Humber. That was not the case at the start of devolution.

In February this year, the National Institute of Economic and Social Research suggested that parts of Wales, along with London and Northern Ireland, appear to have had a stronger recovery from the pandemic than other parts of the UK. I'm proud of what we did during the pandemic, in successfully supporting Welsh businesses with more than £2.6 billion, protecting over 160,000 Welsh jobs, which might otherwise have been lost, and going above and beyond the Barnett consequentials that we received from the UK Government.

But we now face a cost-of-living crisis, where the UK Government has refused to properly support the people of Wales. Despite widespread calls before his spring statement, the Chancellor announced an increase of just £27 million—in real terms, a cut, with inflationary increases—to the Welsh Government budget. And in a clear message for families and businesses struggling to get by, the Chancellor has even said that it would be silly to give more support on energy bills to families and businesses. That is the Tory approach.

In comparison, the Welsh Government has already announced £380 million in support for families, to help with their rising household bills. I remain extremely concerned about the challenges faced by our least well-off communities here in Wales. They will not be resolved by George Eustice's solution of going to own-brand products that, in themselves, in some supermarkets, have risen faster than the rate of inflation. It really does show how out of touch the Tories are.

The cost-of-living crisis is hitting our businesses too. That's why we continue to call on the UK Government to introduce a windfall tax on the excess profits being enjoyed by gas and oil producers. As the head of BP has said, a windfall tax would not stop them from undertaking any of the investment choices that they are already committed to. We need to end our reliance on fossil fuels and move to a quicker transition to renewable energy and better energy efficiency, with a just transition. That will have a significant impact on reducing energy costs for us and, indeed, across the world.

I should also remind Members that the impact of the UK Government's trade and continuity agreement with the EU is predicted to hurt the UK economy by double the impact of the pandemic. Businesses are already struggling to trade with EU countries and are facing significant increased costs and staff shortages. And, as we've heard several times over recent days, the latest research shows that Brexit has added 6 per cent to Britain's food bills.

That leads me to the shared prosperity fund, the UK Government's answer to all of our woes, and the much-proclaimed replacement for any previous EU funding. I remind Members that it is plain and undeniable that the UK Government has failed to honour its manifesto pledge to fully replace EU funding. As a direct result, Wales will be more than £1 billion worse off. No Member of this Senedd, from any party, should welcome or try to deny that betrayal.

Economic development is a devolved competence. Regional funding has been managed by Welsh Governments and has been scrutinised by this Senedd for more than 20 years. The UK Government approach continues to disrespect our devolution settlement. Devolution, of course, has been endorsed by two referenda and multiple elections. Despite that, the UK Government continues to use the internal market Act to wrestle funding and decision making away from the Welsh Government and the Senedd.

On innovation funding, which is mentioned several times, of course, there is a funding shortfall from the shared prosperity funding outcomes, and that will hurt, not help, our shared ambition to invest more in research, development and innovation. I am intensely aware of the enormous stress and pressure that the uncertainty and the funding shortfall places on current beneficiaries who use that EU funding: the people and the businesses who are helping to improve the Welsh economy with it.

Unlike the UK Government, the Welsh Government's stronger, fairer and greener economy will be grounded in our values of progressive change, co-operation, not competition and not dividing against each other. So, we will go forward with our partners, in the public sector, in business and in trade unions. We will build on our economic infrastructure for long-term and sustainable home-grown and rewarding jobs. That includes tackling the climate emergency, as part of the just transition to net zero, with our overarching ambition encapsulated in an £8.1 billion infrastructure investment strategy. In particular, we want greener forms of transport to be provided to more people, providing more choice in how we will be able to get around, as well as laying foundations for investment in renewable energy.

We're on a £5 billion journey to transform rail services over the next 15 years, and Transport for Wales inherited a challenging legacy, but new rolling stock is now being introduced across Wales, with fare reductions to the rail network putting money back into the pockets of people across Wales.

We have set up, here in Wales, the first ever development bank, with more than £1 billion of funding to support the wider Welsh economy. We have and we will continue to invest in advanced modern manufacturing. And against a really difficult financial backdrop, including that loss of £1 billion of former EU funds, our new plan for employability and skills provides a strong offer for employability and skills to invest in our people.

The future that the people of Wales want will not be found in small amounts of money being thinly spread on a range of unconnected projects and decided by UK Ministers. It will be found in this Welsh Government's social partnership approach, bringing people together to promote fair work and better jobs, to work in partnership with local government, businesses and trade unions. Our 'team Wales' approach will deliver for Wales, and I look forward to playing my part in helping to make a greener, fairer and more prosperous Wales.