The news industry is still important to The Fed and its members, as I alluded to in my speech at Annual Conference, but it seems we are under constant siege from our supply-chain partners.

Recently, for example, Smiths News announced that its carriage charges are to rise by nearly 3%, and cover-price rises on weekday and Saturday editions of the Daily Mirror and on the Sunday Express have been accompanied by a cut in our margins, all at a time when the cost-of-living crisis deepens, and prices soar.