Naughty step

There will be those who will be amused by the thought of HSBC non-exec Rona Fairhead administering a mild slap to BBC executives in matters of protecting financial reputation.

The Executive side has had to fess up to the BBC Trust that it's created two companies, Grafton House Productions and BBC Comedy Productions, to take advantage of new tax reliefs for "high-end" programming - without informing the BBC Trust, 'due to a procedural error'.

The closing minute on the matter is a pearler.

"The Trust noted the Executive’s account and remarked on the need to have regard to the BBC’s reputation as well as compliance with the tax rules."