I repeat that the cost to a bank or other large financial institution in an entire year is estimated to be equal to just one hour's profit, so he will realise that what we are asking is not unreasonable. It is in the interests of banks and insurance companies that we stop fraud because people who defraud the DSScould also be interested in defrauding those financial institutions. That is probably why our proposals have been widely welcomed as a valuable contribution to the fight against social security fraud. Does my right hon. It not only saves claimants from having to go from pillar to post but enables the Benefits Agency to build a relationship with claimants and to see them through the system, and in the process staff may be able to spot fraud at an early stage.
Friend is right on both counts.
First, banks and other financial institutions have welcomed what the Government are doing because they recognise that it is in their interests that fraud should be tackled and discouraged. He is also right to say that experience has shown that the more often people are seen and their benefit claims are checked, the more accurate the payment of income support and other benefits becomes. The Government fixed a target to reduce fraud by10 per cent. Friend that we are on track to do that18 months early. That is because we are tightening the gateways to the benefit system in order to cut fraud and error.