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."