Were the UK media reckless in reporting the banking crisis?
A number of leading figures in the UK media industry, including TV reporters and journalists, have been hauled before a MPs committee in the House of Commons to discuss whether the UK media was reckless in its coverage of the UK banking crisis. In what many are now claim to be yet another move against free speech, it would appear that the government has instigated something of a witchhunt against the media sector claiming that reckless reporting of "secret deals" exacerbated the recent UK banking crisis.
While there is a suggestion that reporters were very quick to publicise the secret deals and secret talks to secure the future of the UK banking sector, many believe the UK government should have been more upfront with the public. The vacuum of information, as the authorities attempted to instigate a number of mergers and acquisitions, played straight into hands of the media sector and allowed them to release groundbreaking news in a blaze of glory.
There are many who believe that the UK government and the regulators are at fault but the authorities do have a case with regards to highly sensitive talks being revealed, such as those held by the government to save the Northern Rock prior to its collapse. Some leading figures in the media expect the UK government to use the current situation to introduce gagging laws which are very common overseas.
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