If it was not clear enough already, the pensions crisis may soon be brought into the living room of almost every home in the UK. The BBC could be forced to cut its programming budgets if a predicted deficit in its £6.5bn (€7.5bn) retirement plan turns out to be as big as feared.

The deficit - an alarming effect of the credit crunch on the scheme's investments, which lost £1.6bn, or 18.6%, during the 12 months to March 31 - could hardly have come at a worse time for the corporation.