A report done for the management of the BBC boiled down to one conclusion–the broadcaster’s business reports need to get back to school Sir Alan Budd, the former chief economic adviser to the UK Treasury, lead the study.
The report found that while reporters did not tend to be biased for or against business, The document, summarized by the Financial Times, did say that a lack of "specialist knowledge and a shortage of interest on the part of some programme editors led to the BBC missing stories or angles."
Given the BBC’s resources, the report may end up causing other general media outlets to reflect on the quality of their business and financial reporting.
While interest in the financial markets and business news has expanded over the last several decades as more individuals have put money into the markets, the best coverage is still generally found in media like The Wall Street Journal and BusinessWeek. Cable and network news channels and newspapers have not had the budget or staff to mount significant coverage of the markets.
The decision by mainstream media to devote little resource to business and financial news may be a serious mistake. This kind of coverage has become more important as issues like housing and consumer spending have become critical to the general economic health of the typical household. Not to mention the fact that many financial and luxury goods advertisers covet the audience that business coverage brings.
The criticism of the BBC is nothing special. Just business as usual.
Douglas A. McIntyre
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