Dirprwy Lywydd, I welcome any action to reduce the impact of this cost-of-living crisis on families, but if the cap on energy bills is to be financed by borrowing, then that really is, to quote so many previous Conservative Ministers, mortgaging our children's future. Instead of opting to fund this by using a windfall tax on the extraordinary and unanticipated profits made by oil and gas producers, the new Government appears to choose to load debt onto the lives of every UK citizen for years and years to come. And in doing so, it will, by deliberate decision, provide the most help to those who need it least, and the least help to those who need it most. The Resolution Foundation has estimated that the energy cap, coupled with the expected reversal of the previous Conservative Government's rise in national insurance contributions, will provide the top 10 per cent of UK earners with £4,700, and the lowest 10 per cent with £2,200—an outcome described by the new Prime Minister as one that is 'fair'. Now, as the pound depreciates further on international exchanges, and the bond markets demand higher interest rates to lend money to the United Kingdom, the result will be yet further rises in the cost of domestic borrowing, and that means more expensive mortgages and more expensive credit for Welsh citizens. Dirprwy Lywydd, this is why we will focus all our efforts this autumn on doing everything we can to support people through this crisis.

A new cost-of-living Cabinet committee has been established to take forward this work. It will meet weekly, I will chair it, and it will involve key social partners from beyond the Government. Here are just four ways in which we hope that all that work will be a real difference. Firstly, we will reframe, refocus and add to the many actions we already take to maximise the money left in the pockets of Welsh citizens to extend the help already available. And we will set new expectations for our partners to play their part in this effort. In this year alone, we will spend over £1.5 billion on schemes that put money back in people’s pockets—schemes that have a direct impact on the cost-of-living crisis. These are programmes such as the council tax reduction scheme, free prescriptions here in Wales, the education maintenance allowance, free bus travel for the over-60s, free breakfasts in primary schools, the most generous schemes for student support and funded childcare, as well as help for families with the cost of the school day.