A life in the covering the City
By Johnathan Elderfield
Imagine for a second, working as a journalist – covering one of the most turbulent, hostile and totally unpredictable sectors of industry. As a result of all your hard work, blood, sweat and tears, you are given a Freeman of the City of London award.
Not bad for a lifetime’s work.
Michael Wilson, 70, should need no introduction. He is regarded as one of Britain’s leading journalists on business – being the go-to man to explain why the markets have gone south.
Wilson is Britain’s longest serving business presenter; having worked for Sky news and ITV’s GMTV since the 1970s.
What's most appealing about his job? "Finding out something that no-one or few others know about and then untangling the story and sharing it," said Wilson. "Also, you get to go places where few others do, and meet some amazing people.”
People often wonder what journalists love about their profession. For Wilson, who in 2008 had to explain to the nation how the bankers managed to single-handedly destroy an entire economy – that question might be a tough one.
His biggest difficulty as a young journalist was “an inferiority complex in the early days when I met some of the greats in my profession. I was probably a bit self-conscious when I started - that’s something to ditch as soon as possible.”
Business today is certainly tough. Especially for start-ups as banks are reluctant to lend, and interest rates are still low for those who want to earn on their buck.
Steven Cook, 47, a local business owner in Highgate says, “I work very hard every day to deliver the very best service, and sometimes that can be for nothing when you are looking to expand and take more people on.
"If you don’t get investment, how are you meant to progress? It seems as if the boat has already sailed.”
Wilson believes that interest rates could follow Japan in the years to come and continue to stay low. This is great for people who are borrowing. Banks don’t make money in a low-interest economy, reducing the amount of money they can forecast to lend.
Guy Mitchell, 47, works in the City for currency trading firm, International. “I can accept low-interest rates, even though I own my own home. I think after 2008, out of principle, after the sub-prime mortgage crisis in the US, the Government owe it to people to keep them low.”
Wilson is not slowing down, even though he's 70.
“I don’t intend to retire for a long time. I present a business show on JazzFM and do regular City-based podcasts - I also media train senior business figures.”
He probably doesn’t grow as frustrated with the market economy as he used to in his early years, being a young and enthusiastic journalist craving to make a name for himself.
Now he champions young people, advocating direction and keeping appearances sharp.
He says his best advice is, “It’s all possible. Never give up and never take notice of snipers but secretly take notice of criticism and see if it’s valid.
He adds: "Always be considerate to the ‘little people’ - younger colleagues, technicians etc. Just because they aren’t in the limelight, doesn’t mean that they aren’t important. Dress like you mean it.”