Only one conclusion
- 10 Oct 08, 10:00 AM
Along with the praise we've been getting a number of e-mails criticising our business editor Robert Peston's coverage of the financial crisis over the last week, particularly focusing on his blog breaking the news of the £50bn financial package on offer for British banks.
The case for the prosecution seems to be that our reporting is irresponsible, scaremongering and is inflaming the situation by causing volatile share price movements. Additionally some believe Robert's reporting has been inaccurate based on the evidence that several banks denied formally applying to the Bank of England for cash.
Allow me to make the case for the defence. We have one primary responsibility and that is to you, our audience. Our decision to run a story is based on simple criteria. Is it accurate and would it be of significant interest and relevance to our audience? If the answer is yes then our presumption is to be publish unless there is a huge overriding interest not to.
We understand that our journalism does not exist in a vacuum, and that what we say may have consequences but it is not for us to sit in judgement and second guess those.
Of course, there are occasions when we do withold information. We are given some formal financial notifications early for logistical reasons with an agreed embargo time. When covering conflicts we will not give troop locations and movements which would put lives in danger. When we hear news of casualties in Iraq or Afghanistan we will hold the news until the next of kin have been informed.
Those life and death situations are the exception. The financial health of our banks do not fall into that category, indeed there is immense public interest in the free flow of information about them.
On the question of accuracy, I would ask you to read the words that Robert published which do not say the banks made a formal approach for cash. In the light of the announcement made by the government 24 hours later I believe there is only one conclusion.
Jeremy Hillman is editor of the business and economics unit
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