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But Skydance and its backers also agreed to pump $1.5 billion into Paramount’s battered balance sheet so the company can pay down debt.

These crucial natural functions remain absent from our balance sheets — until they start to fail.

The move, which the government predicts will raise billions for state schools, has put pressure on private school's registers and balance sheets alike.

England's win-loss record is mitigated by eight Tests played in tough Asian conditions and the balance sheet looks healthier still given the revamp of personnel.

"This big black hole of £22bn we've heard so much about has become a million black holes in company balance sheets up and down the country," Mr Reed said.