8. What assessment has the Welsh Government made of how excessive profits in some sectors of the economy are impacting Welsh residents? OQ60618

Well, Llywydd, there is no doubt that profiteering has added to inflationary pressure on Welsh household budgets. To cite just one example, the Competition and Markets Authority concluded in November that makers of some popular food brands had raised their prices more than their costs during the cost-of-living crisis.

I'm grateful to the First Minister for his answer. You're right, First Minister; the CMA have done their own piece of work, but so have—. Research has been done by Unite the Union, Llywydd, and I refer Members to my declaration of interests. Unite found that, in many industries, excess profits were pushing up prices—[Interruption.] Presiding Officer, the Conservatives can shout all they want, but they'll want to listen to the reality of what many of my residents are facing and many of theirs are facing in their own communities: excess profits pushing up prices. The UK Conservative Government, Presiding Officer, were forced to act in a tokenistic way in the energy sector. However, this hasn't been the case anywhere else, and it's not been anywhere near good enough. In other sectors, such as car insurance, it's affecting their constituents on a daily basis. In other areas, such as food, it's affecting their constituents on a daily basis. These behaviours have gone unchecked. First Minister, last winter we saw some companies making excessive profits gleefully switching vulnerable customers to prepayment meters at the same time. These excessive profits were inflammatory, they were damaging to growth, and they were damaging to my constituents and the Welsh population. Can I ask you, First Minister, therefore: what is your assessment of what needs to happen to get the Government in Westminster to take this problem seriously?

Well, Llywydd, I thank Jack Sargeant for that. I too am proud to declare my membership of Unite the Union and to endorse the work that it's done in this area. When I saw the question at the weekend, Llywydd, I was reminded of a famous saying by that great socialist and political thinker, R.H. Tawney. I think it's 100 years ago almost to now when he said,

'what thoughtful rich people call the problem of poverty, thoughtful poor people call with equal justice a problem of riches'.

And that's at the heart of the point that Jack Sargeant has made, isn't it? We live in this deeply unequal society. We talk an awful lot here in this Chamber about poverty. We talk a little bit less than maybe we should about the problem of riches and the need to make sure that the assets that are available to us as citizens of the United Kingdom are more fairly distributed between us. Despite everything that has been done, Llywydd, to improve the position of prepayment meter customers, Citizens Advice was reporting last week that 2 million people who depend on prepayment meters will find themselves involuntarily without a supply. They will have disconnected themselves from lifeline supplies because they're simply not able to afford to feed them. That despite the astonishing profits that have been made by those energy companies during this cost-of-living crisis.

And, Llywydd, it's not only there. Jack Sargeant has drawn attention to the food industry, to the insurance industry and energy. But we had a powerful contribution on the floor of the Senedd last week from Jane Dodds talking about the elimination of profit from services for looked-after children, and there the Competition and Markets Authority concluded that, in that industry, where a reasonable return on investment would be 6 per cent, the industry was taking twice that as a return in excessive profits. The Competition and Markets Authority itself said that the UK had sleepwalked into a dysfunctional market where excessive profit taking was at the expense of those vulnerable children who depended upon it. In the way that Jack Sargeant has said this afternoon, Llywydd, we need a Government prepared to level that playing field for the benefit of citizens in Wales and across the United Kingdom.

Thank you, First Minister.