Bbc To Cut Pay Of Executives, Talent
The BBC issued a bleak economic forecast today -- for the future of its own employees -- saying that it is planning to cut its budget by nearly $600 million by freezing the salaries of executives and chopping the fees paid to top talent. The publicly supported broadcaster has been making drastic budget cuts for nearly five years, laying off nearly 10,000 employees in the process. The cuts have not been enough, BBC Director General Mark Thompson announced Thursday, saying that the new ones will be especially "painful." He added "The impact of the likely falling-away of household growth, the collapse of the commercial property market and pressure on our commercial revenues mean that without further significant reduction in our spending plans we would exceed our statutory borrowing limit within two years."