The Telegraph lost £9.8 million last year – which is a pretty good result for them – they lost £30 million the year before.

Circulation jumped 2% in May on the back of Expensegate, but fell back in June showing they were unable to hold onto readers.

Something to bear in mind about the Telegraph Media Group is that it is now a semi-nationalised newspaper.  The Barclay Brothers overpaid a stonking £665 million for the newspaper in 2004.  They are in hock up to their offshore eyeballs to RBS and HBOS, both nationalised banks.  So in a sense Gordon Brown is now their chief creditor.  Do you wonder why Guido calls it the Daily Labourgraph? You don’t want to upset your largest creditor too readily…