This year, the previous government planned to borrow one pound of every four pounds it spent. The new coalition government is having to cut spending and increase taxes to avoid a crisis in our economy.
Today, the Chancellor of the Exchequer is asking for your help to make those cuts in a way that is fair and responsible. The idea is to harness intelligence from all around the country about how public services are run, where the waste is and how government could do things differently.
It's easy to get involved. Just go to the Spending Challenge website. Every idea, however much money it saves, will be considered.
Reducing spending to get us out of this mess without impacting frontline services is the biggest challenge this government faces. It needs your help.