Michael Grade has said that ITV is currently overstocked with too many shows, despite reducing its programme budget by £135 million.

The executive chairman of the channel blamed the gap in time between ideas being greenlit and the completion of production, The Mirror reports.

Grade said: “Because of the lead times of programmes, someone walking in with an idea then actually delivering the film can sometimes be three years, then we may not transmit it for another year.

“We’re overstocked given the economic climate and need to reduce the amount we carry.”

Last week, Grade announced that he would be stepping down from his position at the head of ITV by the end of the year.