Before I turn to the public finances, I can announce an important further development of the gilts market. The Bank of England is publishing today a consultative document on the establishment of an open sale and repurchase—a so-called repo—market. This should improve both liquidity and efficiency, reducing yields and hence reducing the Government's debt interest costs. Each reduction in yields of just one basis point—one hundredth of 1 per cent. —will eventually save more than £25 million a year of public expenditure.