This Assembly term, 2011-2016, will be remembered for how we as a Welsh Government had to tackle the biggest ever cut to our budget – over £1bn or nearly 10% of our spending power. At the same time, we were passed responsibility for Council Tax Benefit, without the full budget, and welfare changes have left Welsh households worse off by £459 a year. These have been tough times, but it has also been a time when the Co-operative Party, and the solutions it has offered, has once again come to the fore.

Starting with the establishment of the Co-ops and Mutuals Commission, we have sought to promote and introduce co-operative solutions across a range of portfolio areas in government. We have accepted the recommendations from the Commission and we’re in the process of taking these forward. This work will build on our very many existing commitments. In Wales, we take our role as the world’s first Fair Trade nation very seriously.

One of our bigger commitments is to provide core funding for the Wales Co-operative Centre to develop co-operatives, credit unions and other mutual organisations in Wales. Working with the Centre, we have also recently provided £5 million for the Social Business Wales project, which has also been backed by over £6 million of EU funds.

The project will provide specialist support for some 500 social businesses, including co-operatives, employee-owned companies and social enterprises.