January national newspaper ABC figures, published last week, revealed that FT sales were down 3.85% compared with December, to 275,375. Now, as the paper prepares to celebrate its 125th anniversary on Wednesday, Lionel Barber, who has edited the paper since 2005, has unveiled his latest "digital first" initiative. It amounts to a combination of a production shake-up, a strategic change of direction for the international editions and, inevitably, staff cuts.