The Government has demonstrated a capacity to manage the national debt well by establishing the National Treasury Management Agency. We now need – with some private sector input – a similar body to ensure all public expenditure, particularly current expenditure, comes under scrutiny. As I know from experience in business, no matter how efficiently any organisation is run, it is not difficult to identify savings of up to 10%. If such a process was engaged in even more forcefully across the public sector, the savings would probably be nearer 20%. That would release much needed resources to be applied more productively elsewhere. I hope the Government will prioritise this process in the coming year to ensure the significant amount of taxpayer's money rightly invested in public services will yield the best return.