Lord Myners has called for the Co-operative Group to make radical changes to restore group profitability, in a damning report in which he blasts some elements of the company for being "struck in denial" over its failings."
I have no doubt that the Co-operative Group can over the next five years reverse a decline that started over 50 years ago. But I am less confident that it will choose to do so.
There is no short cut to recovery from its present weakened state. It will require retrenchment and some painful choices.
Financial health can only be restored through steady, step by step, rebuilding of the group's profitability and repayment of its excessive debt."
More top news
An 'unarmed' black man, who was reported to be mentally ill, has been shot dead by police in California after his sister called for help.
"Rubble fell in on intensive care patients" in the early hours of Wednesday, medics said.
The inquiry's most senior lawyer is said to be considering stepping down after disagreeing with its chairwoman Alexis Jay over its future.