The UK Government's Treasury Committee is planning to conduct an investigation into the banking crisis to examine, "the role of the media in financial stability and whether journalists should operate under any form of reporting restrictions during banking crises".

Financial journalists have responded negatively to the idea that financial journalism could be subject to reporting restrictions.

The Periodical Publishers Association and the Newspaper Society are currently preparing evidence to submit to the inquiry.

Daily Mail City editor Alex Brummer told Press Gazette: "I think in this particular crisis the journalists have done the public a huge service. If they'd have had to rely on official sources for their information they'd have got duff information."

Brummer went on to reveal that the Daily Mail had received a highly sensitive document on the contingency plan to close down the UK high street bank Northern Rock before it was nationalised.

Brummer reports: "We decided it would cause so much panic. We decided as a responsible newspaper this was too sensitive a document and we could not publish it without undue panic and so we desisted. Self-regulation within newspapers is very strong in these matters. We did eventually publish a story after it was nationalised and everybody was assured that their savings were safe."

The deadline for responses to the Treasury Committee's consultation is 6 January.

Source: Press Gazette