I'm very clear that we should continue to invest in our public services. If we had the ability to do so, then, in direct contrast to what's likely to happen, I think we would see direct benefits for the private sector. The numbers of people, the quality of education people get, and the quality of public services make a real difference to all of those things. It also makes a real difference to local economies, where people spend their money locally. It's part of what I was talking about earlier with the everyday economy and that, actually, if we can keep more of that money in terms of what goes into procurement and local spend for public service workers, it will make a difference.

I am genuinely concerned about the consequences of the reported £18 billion cut to public services that has been floated by UK Ministers. Ushering in a new age of austerity at the same time as releasing the cap on bankers' bonuses and the direct transfer of money to the wealthiest 5 per cent in society would be entirely the wrong decision to make. There will be many people who recognise the direct unfairness of that choice. It's never too late to think again, and I certainly do hope that the Prime Minister and the Chancellor reconsider the course that they have set.

On your broader point about HS2, I certainly agree that consequentials would make a difference, not just in border areas, more than that in terms of investment that we could make in our infrastructure. And on investment zones, I have had an introductory meeting with Simon Clarke. He's written to both myself and the finance Minister. When I met him, I made it clear that the Welsh Government is prepared to talk about what investment zones mean. But, actually, we're also very clear it cannot mean a rolling back on environmental standards or on fair work, as we set out with free ports. If that’s what they're looking for, we won't reach agreement. I'd also need to understand, if there are going to be changes to devolved taxes, what does that mean for our fiscal position, given the significant challenges we face. So, there's a range of questions that I've yet to have answers to. It may be possible for us to reach agreement. It may be possible for to have a plan that will generally add to economic growth, not displace it. But if we don't get that, then I'm prepared to say 'no' and not to agree to have investment zones in Wales. So, there's a discussion that is starting. I hope it'll be constructive and we'll see at what point that reaches a conclusion.