Thank you, Dirprwy Lywydd. I come to Plenary this afternoon having earlier on today had the first inter-ministerial group for business and industry meeting of this year. It was the first such meeting since spring last year. The Welsh Government is firmly committed to proper partnership working arrangements with the UK Government and other devolved nations, and we do so in the joint interests of Wales and the wider UK economy. I am cautiously optimistic that, having had discussions about the regularity and the importance of the IMG today, the new UK Government is showing signs of more meaningful engagement on our joint economic priorities. That is what the new Prime Minister indicated that he wanted when he met with the heads of devolved Governments in November last year. The proof, of course, will be in the action that is taken.

It is vital that we work collaboratively, in proper constructive partnership arrangements, to navigate the severe economic challenges we are facing. The UK begins 2023 on the brink of recession. People and businesses across the UK are under intense pressure from the cost-of-living crisis, with inflation expected to remain in double digits over the first half of this year. A toxic combination of Brexit, a lack of public and private investment, and the UK Government's disastrous early autumn mini budget has severely damaged the UK economy. This had led directly to a widespread expectation that living standards will fall, and fall by record amounts, across all parts of the UK. Productivity has been stagnant for more than a decade and the UK Government’s commitment to

'end the geographical inequality which is such a striking feature of the UK' remains unfulfilled. The continuing but reduced support for high energy costs announced last week will provide some certainty for business after March. However, the new scheme does not protect against energy price volatility or match the higher level of comparative support offered in other European countries.

In Wales, collaboration and partnership are the cornerstone of our approach in Government. Wales has a stable, mature Government and a network of social partners that help us to make the right decisions. That doesn't mean that all decisions, of course, are easy. Together, we have developed a long-standing framework for future-focused inclusive economic growth, underpinned by our groundbreaking Well-being of Future Generations (Wales) Act 2015; an economic strategy that has been revisited, refreshed and refocused, as we recover and reconstruct our economy in the aftermath of the pandemic; and a mission that has a clear commitment to social value, firmly rooted in a greener economy, with well-being, dignity, and fairness at its centre.