Sir Philip Green has been given a role leading a government spending review.
David Cameron has appointed the Jewish billionaire Topshop boss, to identify where cuts can be made.
The unpaid role will require him and a team of civil servants to examine Labour’s last three years of spending.
His findings will then form part of Comprehensive Spending Review, to be announced in October.
The 58-year-old, who built up his empire from scratch after leaving school at 15, told BBC’s Radio 4's Today programme he thought centralising spending could be the way forward.
He said: “I want to help focus, motivate and energise to achieve these efficiency savings.”
The review is to be overseen by Cabinet Office minister Francis Maude and Chief Treasury Secretary Danny Alexander,
Mr Maude said: “Sir Philip has made clear to the Government the importance of his business remit, which has always been that efficient operating is different from cost cutting and removing jobs."
Sir Philip’s Arcadia Group has more than 2,000 stores in the UK and is believed to control around 12 per cent of the retail market.