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SMF BBC Text P4 PDF Final The BBC and PublicValue Gavyn Davies OBE With commentary by Lord David Lipsey The BBC and Public Value 1 The Social Market Foundation The Foundation’s main activity is to commission and publish original papers by independent academic and other experts on key topics in the economic and social fields, with a view to stimulating public discussion on the performance of markets and the social framework within which they operate. The Foundation is a registered charity and a company limited by guarantee. It is independent of any political party or group and is financed by the sale of publications and by voluntary donations from individuals, organisations and companies. The views expressed in publications are those of the authors and do not represent a corporate opinion of the Foundation. Chairman David Lipsey (Lord Lipsey of Tooting Bec) Members of the Board Viscount Chandos Gavyn Davies David Edmonds John McFadden Baroness Noakes Brian Pomeroy Director Philip Collins Deputy Director Ann Rossiter 2 The BBC and Public Value The BBC and Public Value 3 First published by the Social Market Foundation, November 2004 The Social Market Foundation 11 Tufton Street London SW1P 3QB Copyright © 2004 The Social Market Foundation The moral right of the authors has been asserted. The BBC and Public Value All rights reserved. Without limiting the rights under copyright asserted above, Gavyn Davies OBE no part of this publication may be With commentary by Lord David Lipsey reproduced, stored or introduced into a retrieval system, or transmitted, in Gavyn Davies’s essay is based on a lecture he gave at the Said any form or by any means (electronic, Business School, Oxford on 10 June 2004, and is published mechanical, photocopying, recording or otherwise), without the prior written here with a contribution from Lord David Lipsey, Chair of permission of both the copyright the Social Market Foundation. owner and the publisher. Social Market Foundation November 2004 Designed by Paula Snell Design 4 The BBC and Public Value The BBC and Public Value 5 Contents The BBC and Public Value: Gavyn Davies 8 The BBC and Public Value: commentary by Lord David Lipsey 31 6 The BBC and Public Value The BBC and Public Value 7 for The Times, Sunday Correspondent, New Society and the Sunday Times. Before going into journalism, he was Special Adviser to Rt Hon. Anthony Crosland at the Foreign Office and a policy adviser, speech writer and later acting political secretary on the Prime Minister’s staff at 10 Downing Street until 1979. He graduated with first class honours in Politics, Philosophy and Economics from Magdalen About the contributors College, Oxford. Gavyn Davies OBE Gavyn Davies was Chairman of the BBC from October 2001 until he resigned on 28 January 2004. In 1999 he chaired a UK Government inquiry into the Future Funding of the BBC. He studied economics at St John’s College, Cambridge and at Balliol College, Oxford. He was an economic adviser to the 10 Downing Street Policy Unit (1976 – 1979); an economist with Phillips and Drew (1979 – 1981); Chief UK Economist, Simon & Coates (1981 – 1986) and Chief UK Economist, Chief International Economist and Managing Director at Goldman Sachs (1986 – 2001). From 1992 to 1997 he was a member of HM Treasury’s independent forecasting panel and has been Visiting Professor at the London School of Economics and an economic adviser to the House of Commons Treasury Select Committee. Lord David Lipsey David Lipsey (Lord Lipsey of Tooting Bec) took over the Chair of the SMF in November 2001. He is also Chair of the voting reform group, Make Votes Count and part-time chairman of the British Greyhound Racing Board and the Shadow Racing Trust. He is a director of ITV London, and a member of the council of the Advertising Standards Authority. He has previously served as a member of the Davies panel looking into the funding of the BBC; the Jenkins Commission on Electoral Reform and the Royal Commission on Long Term Care of the Elderly. Prior to becoming a Peer in 1999, Lord Lipsey was Political Editor at The Economist and previously worked 8 The BBC and Public Value The BBC and Public Value 9 There is nothing intrinsically wrong with this distinction, especially as it makes clear that there are a number of facets to the Corporation’s value. However, as a professional economist, I am slightly offended by it, since it entirely forgets that economics is not simply about what can be measured in market exchanges, but is also about all those things which cannot be so measured, but which need to be considered when designing policy. Much The BBC and Public Value of the subject matter of economics concerns the problems that arise when markets are missing, or when important relationships Gavyn Davies between individuals are not captured by monetary exchanges. These causes of market failure form the core justification Introduction for public intervention in private activity, and always have done, This essay asks what we can learn from economics to inform from Adam Smith onwards. It can be frustrating for economists 1 recent lecture at Hertford the debate on the renewal of the BBC’s Charter in 2006, and in College, Oxford to listen to confident opinions being expressed by commentators particular what economics can contribute to the basic question who appear blissfully oblivious to the fact that two centuries of of why the BBC should exist at all. Many of the BBC’s supporters detailed economic thought has already been devoted to precisely will be resistant to approaching questions about its value from an the matters under discussion. It would be perverse to ignore economic standpoint, since they tend to prefer arguments couched these economic principles during the Charter debate. in social or cultural terms. But there is much in the unappealing In order to justify the existence of the BBC in its present language of economics which can help justify the role of the BBC. form, there are at least three large questions which need to be I am going to argue that economics is relevant to more addressed. These are: than a calculation of the consumer value to the BBC. Are there market failures in the private broadcasting market which imply that the market does not function efficiently, and Making an economic case for the BBC therefore justify government intervention? There is a line of thought, widely held, that the core case for Are there distributional failings in the free market system, the BBC should rest not on money and markets, but on culture implying that the market (though possibly efficient) is unable to and citizenship. I agree. I have argued elsewhere that the concept allocate information and entertainment satisfactorily to all citizens? of public value should lie at the heart of the BBC’s charter bid1. If public intervention in the market is justified on either of Some elements of public value – such as the price the consumer these grounds, are there alternative forms of intervention or would pay to view a Premiership football match – can be readily regulation which would be preferable to the BBC? measured in monetary terms in the marketplace. But other I focus primarily on the first of these questions, since this elements – such as the value placed by society as a whole on is where the most serious intellectual attacks on the BBC are an informed electorate – cannot be so easily valued, or even now to be found. It is incontrovertible that a necessary condition sensibly valued at all. for the BBC to exist is that there is a market failure in the This has led some observers to argue that economics is private broadcasting market in Britain. Otherwise, why would only relevant to a part of what the BBC should be expected to we want to go to all the trouble of collecting a licence fee, and provide, and that the consumer value of the BBC is the rightful using it to create a massive public body like the BBC? If that subject matter of the economist. The citizen value, on the were the case, it would be much simpler just to leave all this to other hand, lies outside the purview of the economist. Ofcom, the private sector, if we believed that the free market produces among many others, is prone to this type of assertion. an optimal out-turn. 10 The BBC and Public Value The BBC and Public Value 11 A market failure in Reithian television services2 2 Lord Reith of Stonehaven misunderstand what economists mean by market failure. The It used to be widely accepted that there was a clear market failure was General Manager/ term is frequently over-interpreted. So it is vital to say explicitly Managing Director, British in broadcasting. There was a severe shortage of spectrum, leading Broadcasting Company what I do not mean when I use this particular term of art. to a restricted choice of channels, and there was no way of 1922-1927, and then First, I do not mean that Reithian broadcasting will be Director-General, British charging people directly for channels or programmes individually. Broadcasting Corporation entirely absent from a free market system. If the BBC did not But now there is virtually no shortage of spectrum, and many 1927-1938. He is credited with inculcating the BBC exist, there would still be a great deal of Reithian television homes have access to the encryption technology which implies with the mission to educate, produced by ITV, Channel 4, the excellent Sky News and other that channels can be bought and sold like any other free market inform and entertain.
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