BBC set to tackle £2 billion pension fund deficit
While the announcement in April 2008 that the BBC pension scheme was around £470 million in deficit caught the headlines and concerned many members of the scheme, experts predict that figure is now nearer £2 billion after subsequent stock market falls. As a consequence the corporation looks likely to reduce its programming budget by millions of pounds in order to try and alleviate the growing pension-fund problem.
This comes at a time when the BBC's licence fee is at the centre of significant speculation with regards to its future and how funding for the BBC can be increased. In a very clever piece of PR work we have also seen the expenses and remuneration packages of key BBC executives issued to the press, with many suggesting this is an attempt to take the heat of MPs expenses. The BBC has come under growing pressure from the political arena with many believing that the corporation is too close to the Labour government and guilty of potential political bias.
There have also been various issues regarding a number of speculative ventures which have so far yet to attract significant audience figures to break even. Quite how the issue of the BBC licence fee will be resolved remains to be seen but the finances of the BBC appear more shaky now than ever before.
Share this..
Related stories
Santander looking to sell UK operations
Santander, the Spanish financial giant, is rumoured to be on the verge of selling off a 20% stake in its British operations which take in the likes of Abbey, Alliance and Leicester and Bradford and Bingley. The company has been very active in the acquisitions market over the last few years, not only in the UK but around the world, and many feel the company is looking to cash in some of its chips....
Read MoreCould banking dividends be under threat?
Just yesterday the Bank of England was again suggests that UK banks should increase their capital reserves in readiness for potential problems in the euro zone. This comes on top of plans to increase the safety net between liabilities and assets for the UK banking arena and could in the short-term impact upon dividends for shareholders. For many years banking shares have been the basis of a ver...
Read MoreIs the Alitalia airline going out of business?
When Italian airline Alitalia applied for protection from creditors many had assumed that this was the first step towards the rehabilitation of the group. However, reports coming out of Italy suggest that the group is no longer able to guarantee flights from Monday morning as the company is having major difficulty settling outstanding fuel bills and arranging future supplies.
There...
BP shares hit 14 year low
Shares in BP fell to a 14 year low yesterday amid concerns the company may well have to go cap in hand to shareholders for additional funding. There is also speculation that if BP was forced into the money markets to raise funds then the company would likely pay a premium over and above the average interest rates at the moment. So when will this nightmare end? When you consider the damage to no...
Read MoreTakeover Panel bars three investors from UK market
The UK Takeover Panel has effectively banned South African investor Brian Myerson from dealing in the UK investment market for three years with what is known as the "cold shoulder" ruling. Myerson, and two other investors, were found guilty by the Takeover Panel in relation to a bid to take control of the Principle Capital Investment Trust in March last year. The allegation made by the Takeover Pa...
Read More