Mayoh and Newton's rallying cries an antidote to study's gloomy outlook

The venue may have been the Royal Automobile Club on Pall Mall but the message from the TBA's top brass at Tuesday's economic impact study launch event was clear: for the majority of breeders in Britain, the reality is more akin to Old Kent Road.

Stick a pin anywhere in the harrowing 100-page report handed to attendees and the numbers made for alarming reading, despite the advanced warnings from the TBA annual meeting in Newmarket earlier this year.

To recap, two thirds of breeders are unprofitable, compared to less than half four years ago, which was already bad enough. The estimated average loss made on a filly offered at Book 3 is £23,500. Since 2012, Britain's thoroughbred trade deficit has almost doubled in size.