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Fiscal Responsibility Bill

I congratulate my hon. Friend on his prescience and look forward to reading the pamphlet that he produced at Nuffield college, Oxford, because it sounds very interesting. He mentioned thrift, but the issue is not just about efficiency. Does he agree that however much we develop models and look at the bond market, at credit risk and at the rest of it, until real change is made, the scale of the problem will require an adjustment on the statute book to the duties that are imposed on all public authorities? That is a serious and difficult problem, but it is one that we will have to address. We cannot go on imposing legal duties, with which local, national and public auditors are required to comply, and at the same time step up the amount of legal liability that we impose on all of those public authorities.