Lord Inglewood, the broadcasting minister has confirmed Government plans to end the Channel 4 funding formula. Speaking during the Broadcasting Bill report stage in the House of Lords, Lord Inglewood said that the formula would be phased out.
The system means that Channel 4, as a safety net, pays money directly to the Channel 3 companies and also into a reserve fund. Last month Lord Inglewood confirmed the government’s intention to cap the reserve fund, (Newsline 15/02) Yesterday he confirmed that the reserve fund would be abolished as soon as the Broadcasting Bill takes effect. He also announced the Government’s intention to phase out payments to C3 in two stages. The first reduction will take place in 1998, and the second stage in 1999; there is no definite figures or a final ending date as yet confirmed; the government will wait to decide these details in due course, depending on “market forces” at the time.
Channel 4 has this morning not surprisingly welcomed the government’s decision, but is seeking clarification of the smaller details before it makes a full statement.
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