Mr. Robert Watt:

I thank the Chairman and I thank the committee for the invitation to be here to discuss the oversight and implementation of capital projects. The Chairman has already introduced the colleagues by whom I am accompanied. I emphasise the point with regard to Mr. David O'Brien, chairman of the Government construction contracts committee, which is relevant in terms of derogations from the standard procedure relating to lump-sum contracts. There is compelling evidence that efficient capital public investment is central to long-term economic well-being. Efficient capital investment allows the economy to grow-----