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Thursday 25 June 2009

Which is the bigger "Business" story

The BBC's Business news page has as its top story
"Energy customers 'overcharged' - Customers are being overcharged by an average of £74 per household on their energy bills, a consumer watchdog claims."
Which is an important story, but the most important?

It's second story is
"US objects to China's net filter - The US calls on China to scrap its plan to put software that would filter pornographic internet content on its computers."
Which is interesting but hardly that important to UK citizens interested in Business news. Maybe more suited to their Technology news section.

The third most important story is that
"Woolworths returns as online shop - The Woolworths brand begins trading as an online shop, five months after the ex-High Street giant went into administration."
Again interesting but not exactly vital news.


The Other top business stories column comprise:
"Currys firm suffers £140.4m loss
BP names Svanberg as new chairman
Birthdays closures hit 750 jobs
Report critical of Rock response
Jump in H&M sales boosts profits
Toyota to review product ranges "


You have to scroll down past "Video and Audio" news reports on Woolworths again and others and then past "Features, Views, Analysis" before you find in the section "More from Business" these two reports as just headlines:
"Bank chief wants to cut borrowing
UK economy 'set to shrink faster'"

So the news that (my emphasis)
"The governor of the Bank of England, Mervyn King, has called for the government to show "greater ambition" in reducing public borrowing.

Plans set out in the Budget to cut deficits were not "clear enough", Mr King told MPs.

He said he was "more uncertain now than ever" on the prospect of the UK making a quick recovery from recession.

Mr King and other Bank of England officials were appearing before the Treasury Committee.

But the governor also said that the speed of any deficit reduction programme would depend on the speed of recovery.

"The scale of the deficit is truly extraordinary. 12.5% of GDP is not something that anybody would have anticipated even a year or two ago, and this reflects the scale of the global downturn, ," he said.

"But it also reflects the fact that we came into this crisis with fiscal policy itself on a path that wasn't itself sustainable and a correction was needed.

"There will certainly need to be a plan for the lifetime of the next parliament, contingent on the state of the economy, to show how those deficits will be brought down if the economy recovers to reach levels of deficits below those which were shown in the Budget figures." "

So the BBC deem that the news that the Governor of the Bank of England thinks that the UK deficit is too high and that the Labour government brought us "into this crisis with fiscal policy itself on a path that wasn't itself sustainable and a correction was needed" is less important than the news that Woolworths is back online and that the US and China are disagreeing over internet porn filtering.

The BBC also think that their business editor, Robert Peston, should report on "There'll be Twin Peaks pressure on George Osborne " rather than Mervyn Kings words; I wonder why?

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