How the Pink ‘Un went from Project Fear to Project How Dare They
THE Financial Times was accused last night of being ‘relentlessly negative’ in its coverage of the country’s decision to leave the EU.
The newspaper – long seen as the voice of the City and often described as ‘the stockbrokers’ bible’ – was a staunch backer of the Remain camp.
On the day of the referendum, it warned in its main leader that leaving the EU would damage ‘not only the UK but Europe and the West’, but concluded: ‘Let the votes be counted and the British decide their destiny.’
However, critics say that since the result the FT has been talking down the economy.
Warning that Britain has ‘cut itself adrift’, it said last week that business confidence ‘will be battered by the Brexit vote’ and that the UK faces a recession. Yesterday’s edition even carried a column warning that ‘Britain is starting to imitate Greece’.
Ukip MP Douglas Carswell said: ‘The FT likes to think of itself as a credible paper, but its coverage throughout the last few weeks tells us more about the prejudices of its writers than the state of the UK economy.
‘They were cheerleaders of Project Fear and now they have turned it into Project How Dare They.’
He added: ‘They say there are several stages of grief when people go through the grieving process. The well-heeled elite that write for the FT are in the denial and anger stage.’
City commentator David Buik, an analyst at the stockbroker Panmure Gordon, said: ‘The FT and its editor Lionel Barber are obsessed about the EU.
‘Metaphorically speaking, he and his main contributors have stamped their feet and thrown their toys out of their cots out of a fit of pique, as the majority of voters have made a public statement about social inequality as well as a dislike of membership of the EU.
‘The FT must accept democracy and in my opinion is morally obliged to make the decision to work for business, whom they are supposed to represent – be upbeat, helpful and constructive.
‘Whatever pitfalls there are, the UK can’t be a great economy three months ago and a basket case tomorrow.’
Owned by the Japanese company Nikkei, the FT’s circulation is down nearly 6 per cent on a year ago at fewer than 200,000 copies a day. Of the 19 ,396 copies sold on an average day in May, just 60,92 were in the UK, according to the latest figures from the Audit Bureau of Circulations.
Just 29,7 9 were bought by British customers paying the full cover price of £2.70, with the rest made up from subscriptions by readers and companies, as well as bulk sales, for example to airlines and hotels.