As yet no further detail of the plan has been released, but Gershon also indicated the scope for savings of about £3bn on renegotiating contracts for goods and services, up to £2bn on the public sector payroll, and up to £2bn on reducing the use of contract and agency staff.
You can scope out the full range of savings at Sony's weekly deals site, but here are some of the deals we thought worthy of a closer look.
This is because the STFC has already faced cuts under Labour and has less scope for savings because much of its budget is pre-spent on large facilities and international subscriptions.
The scope of the savings – and the techniques required – depend on the situation and location.
When Americans saw the scope of the savings and loan scandal in the 1980s, which today seems like just a bad day on the unregulated derivatives market, Ronald Reagan's attorney general, Edwin Meese III, put nearly a thousand bankers behind bars.
However, the scope of these savings may be limited by the range of allowable time step choices.
BCG's Mr Barber says that almost all retailers overestimate the scope for savings from aggregating lots of local orders for a product into a single worldwide contract.
UBS, a bank, notes that raw materials account for 70% of the price of a lithium battery, making the scope for savings limited.
Chairwoman Margaret Hodge said there was "huge scope for savings" on the annual £31m of taxpayer funds given to the Queen to spend on official duties.
In the skyscrapers of Houston, few would deny the scope for savings.
As the state is the biggest buyer in the economy, the scope for savings is enormous.
