Across all our regions, our Business Wales service helps to inspire individuals to become entrepreneurial and ensures that microbusinesses and SMEs have access to support. I've committed to provide £20.9 million per year up until March 2025, extending the backbone of the Business Wales service beyond the end of EU funding in 2023. This includes dedicated advice and support for our social enterprise sector. While providing a one-stop shop for support, I recognise that Business Wales cannot deliver on all local business support required by entrepreneurs, micro and SMEs across Wales. As such, the service is designed to build on its strength as a nationally delivered offer that complements local delivery and wider funding opportunities available to the third and public sectors.

Dirprwy Lywydd, as you will know, Wales's ports are an incredible national asset and an intrinsic part of our history, economy and way of life. We have reached agreement with the UK Government on delivering a free-port programme in Wales, which should support our economic mission to develop the fundamental goal of achieving inclusive growth. I look forward to receiving ambitious and innovative bids that offer the prospect of sustainable, economic and social benefits to Wales. Our message in the prospectus is clear: the free-port programme in Wales must contribute to, not take away from, our wider objectives to create a stronger, fairer, greener Wales. This is a significant example of how Governments can work together in a partnership of equals.

Dirprwy Lywydd, the economic performance of our regions is of course exposed to the extreme macro-economic picture that we now face. In addition to the twin challenges of leaving the European Union and the COVID pandemic, we also face global threats to our energy security and a terms-of-trade shock that have combined to cause dramatic price rises for all. The UK Government's regressive and unfunded fiscal statement sent shock waves through our economy, triggering a market response that will negate much of the support confirmed for households and businesses. The lasting impact of the statement will mean higher costs for all levels of government and our settlement is worth £4 billion less than was the case at the time of the comprehensive spending review.

The UK-level rejection of industrial policy specifically disadvantages regions and nations beyond London and the south-east. Instead, it sends a signal that the new UK Government does not regard them—us—as essential to the UK's growth path. Levelling-up plans, such as they are, in no way make up for this problem, whilst causing duplication and poor value-for-money outcomes at the same as undermining devolution. The funds that support the so called levelling-up agenda represent a shortfall to Wales of £1.1 billion by 2025, compared to the UK Government's manifesto promise to match the size of EU funds for Wales. The UK Government is using these funds to support its own priorities in devolved areas over which it has no mandate. It is clear that Multiply, for instance, is too narrow in focus and will duplicate devolved provision, leading to preventable waste and poor value for money. The top-down shared prosperity fund represents similar challenges and has been defined by delays within an incoherent approach that is widely criticised by expert independent voices at both a Welsh and UK level. The shared prosperity fund will also compound existing inequalities as it is not allocated on the basis of need. Instead, a smaller overall sum is being skewed away from our most deprived communities at the worst possible time.

Dirprwy Lywydd, UK Ministers responsible for these new funds will know that they face significant delivery problems. Welsh local government was not consulted on the funds and have been kept in the dark as Whitehall announcements were frequently delayed. This fundamentally undermines the ability of all partners to produce joined-up plans that meet the needs of our communities. It is becoming increasingly clear that UK Ministers were keen to claw back powers but uninterested in taking responsibility. It is crucial that the right lessons are learnt from this aggressive attack on devolution, and we will challenge any attempt made by UK Ministers to shift the blame for their costly mistakes onto Welsh local authorities. Dirprwy Lywydd, this Welsh Government will continue to invest in stronger, distinctive regions to support a fairer, greener Welsh economy. I look forward to updating Members as we develop our ambitious plans for delivery across all four regions.