§ 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 1082 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.