"Capita promised to save the Army hundreds of thousands of pounds in recruitment costs when they won the contract and we now know how they intend to do it - through closing recruitment centres that for decades have been valued features of British high streets, " Mr Smith said.

BBC: Army careers offices: Seven of 12 close in Wales

If we don't, we won't be delivering the underlying pension contract, and the pension promise my weekend acquaintance was relying on from his financial advisor is not worth a dime.

FORBES: Opinion

We won the bid during an age of optimism but must now see out our contract in an age of recession.

CNN: Why Britain doesn't love the Olympics