Nearly 30 local newspapers are closing as the industry faces its biggest financial crisis for a generation.

Their publisher, Trinity Mirror, said that more would go next year as it grappled with a plunge in advertising revenues of 21 per cent between July and October.

Among the 28 titles forced out of business are the Bridgend Post and Staines Gazette, weekly freesheets that became unprofitable as property advertising fell by 43 per cent and job and car adverts by a quarter. Free papers have been hit hardest because they have no income from cover prices.

Sly Bailey, chief executive of Trinity Mirror, Britain’s largest regional newspaper group, said that while the company remained “committed to the tradition of quality journalism” it was suffering because “we cannot control the economic conditions in which we are trading”.

Carolyn McCall, chief executive of Guardian Media Group, which owns the Manchester Evening News, said last week that the newspaper was “fighting for its survival”.

Daily Mail and General Trust is expected to announce the loss of up to 300 jobs. Independent News & Media, owner of The Independent and the Belfast Telegraph, also plans redundancies.

BBC staff have been told that they must “significantly reduce” spending on taxis and entertaining. The difficulty of selling Television Centre in White City has contributed to a funding shortfall of £140 million.

Times Recommends

• C&G axed - 1,660 jobs to be lost
• UK house prices rise 1.1% as buyers return
• Mixed reaction to US banks repaying bailouts