“WE ARE conscious that if we are to plan responsibly for the future of the business, and the readers whom we serve, we need a comprehensive strategy which involves managing expenditure and practising good housekeeping while continuing to provide the service to readers which they are entitled to expect.”

Sound familiar? It should do. It’s the sad admission of utter failure issued repeatedly by every newspaper group in the country as they slash and burn to protect shareholders’ dividends.

But wait. Change ‘readers’ to ‘members’ and it turns out to be last month’s statement by NUJ general secretary Michelle Stanistreet admitting that the union has only enough cash in the bank to cover three weeks’ running costs and is on the verge of insolvency.