SAD to see Charlie Swan and Joanna Morgan are handing in their training licences but, as we all know, it’s increasingly difficult to compete with the top trainers on the track, over jumps or on the flat.

And still plenty of young trainers keep entering the business, many of them doing it on the cheap and even losing money, just to try and establish themselves. What kind of owners is this policy likely to attract? Owners who leave bad debts, I would guess.