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
Highs rising to the mid 30s across southeast England and well above average elsewhere in the UK.
England have selected leg spinner Adil Rashid in their 13-man squad to face Australia in the First Test at Cardiff.
After years of political maneuvering over the future expansion of Heathrow Airport, there has been an important development this lunchtime.