Financial journalism is under attack for it’s failure to report the global economic crisis. But it’s not all bad news.
The excellent Evan Davis told Press Gazette that he didn’t think his financial journalism colleagues gave the public enough warning about the mess we’re now in. Ernst and Young have research that shows that our real disposable incomes have plummeted over the last few years, but the money media didn’t seem to spot that until Northern Rock went bust.
“I do ask whether we did our best to warn people of impending problems, I don’t think we warned people sufficiently loudly or clearly. When everything is going well no one is interested in hearing it. Some of us suffered from giving the warnings a bit too early in the whole cycle. By about 2005 that warning was beginning to lose credibility.”
Evan is now presenter of Today where his general intelligence plus his economic know-how has lifted the quality of the programme, so perhaps he’s just expressing frustration that he’s not on his former specialist beat.
The economy is obviously a global structure with American banking problems pushing other economies into crisis. For us it means a bit of belt-tightening but in places like Africa it can wipe out years of carefully nurtured growth. So it’s good to hear that the Diageo awards have again highlighted excellence in business reporting from that continent. Go here to see, listen and watch the winners.