‘It would have been impossible. If the tax credit was removed, the trustees of all pension funds would have been under a fiduciary duty to review whether their funds could absorb the cut in income. Just a box-ticking exercise, for most, but for Breitner it would have been a disaster. The black hole would have been exposed and there would be no way he could keep the news from getting out, because the actuaries would have insisted he increase contributions to the fund. And that would have been a significant credit event. In fact, his bankers would have probably seen it as material adverse change in his circumstances, allowing them to call in their loans.’

I think I know what that means. But I want Rep to spell it out.

‘The hole in the pension fund, exacerbated by the abolition of the tax rebate on dividends, would in effect increase Media Corp’s debts – and very substantially. That would breach the covenants on six billion dollars of loans to Media Corp, because Breitner’s ability to repay the six billion dollars would be seriously diminished. Ergo, every single creditor could demand immediate repayment.’

‘Breitner would be bust!’

‘Correct.’

I think back to Breitner’s office, him leaning back in his chair with that smug smile on his face. Do I look like a man on the brink of ruin? Pants on fire.

‘So, for Breitner, it was a matter of life or death to stop the abolition of the tax credit.’

‘Also correct.’

‘And the Chancellor duly obliged.’

‘After your friend Mr Muller paid him a visit.’

‘Why do you think he’s my friend?’

He flashes a fake smile.

Why is Rep revealing so much? I have enough experience of the echt posh to know I can’t take a single thing he says at face value. And I am struck by what he hasn’t mentioned.

‘Breitner’s in the middle of buying Capital Television,’ I observe.

The flickering candle is reflected in his lenses. ‘So I have heard.’

I recall what Jess told me. ‘Capital is a cash cow. If Breitner seizes control of it, he will deploy its huge free cash flow to repair the pension fund.’

‘And to pay back his American bankers.’

‘American’ almost sounds like a term of abuse.

I hold my nose and press on. He has shown me the breathtaking audacity of Breitner’s rescue plan. By hiding his pension-fund hole, Breitner is keeping his share price artificially high, and he is using those overvalued shares as currency to buy Capital. Once Capital is under his thumb, he’ll direct all the cash generated by television advertising into the pension scheme. As if by magic, the hole in the pension fund will vanish, the bankers will be reassured, and Breitner’s remorseless growth will resume.