THE impact of Brexit "is already being felt in people's everyday lives", the frontrunner to be Wales' new first minister has said.

Finance secretary Mark Drakeford, who has been acting as the Welsh Government's Brexit minister, was speaking at the National Eisteddfod in Cardiff at an event sponsored by Children in Wales, a national umbrella body for organisations and individuals working with children, young people and their families.

Speaking at the event yesterday, Wednesday, Mr Drakeford, said: "I believe the impact of Brexit is already being felt in people’s everyday lives," he said.

“The price of Brexit internationally is reflected in the continuing devaluation of the pound. That is how investors around the world take into account our declining economic prospects. That devaluation works its way into inflation and higher prices at the till for families in Wales.

“If families are trying to manage on welfare benefits which have been frozen, then the very conditions which created Brexit in the first place – the sense of being cut off from the mainstream and being abandoned to bear the burden of austerity alone – are being intensified.”

The Labour minister also spoke about challenges in funding public services, but said the increasing devolution of tax powers would go some way to mitigating this.

Some tax-raising powers were devolved to Wales this April, with power to vary income tax due to be handed over next year.

“A number of difficult choices lie ahead," he said. "The Welsh Government is committed to leading that work, in partnership with local authorities, the third sector and others, to make sure that we deliver the funding and policies for the benefit of the people of Wales, for the services they rely on and for the communities where they live.”

Mr Drakeford was the first to announce he would run to succeed Carwyn Jones after the first minister announced he was quitting in April.

Health and social services secretary Vaughan Gething is also running, along with Welsh language and lifelong learning minister Eluned Morgan and children, older people and social care minister Huw Irranca-Davies.

But Mr Drakeford is so far the only candidate to have gained the necessary five nominations to be officially nominated for the role.