Look to Korea
Ford recently declared losses of £3 billion in three months and is to ‘restate’ its earnings since 2001. According to my (failed) eleven-plus maths, that’s around £30 million a day. How long can any company survive such haemorrhaging? All right, it includes one-off job-shedding and writing-down asset costs, with provisions for restructuring and 30,000 redundancies.