With a recession looming, The BBC has controversially decided to show fewer episodes of The Money Programme

The BBC has come under fire over plans to show fewer episodes of TV business show The Money Programme as a regular series, just as Britain sinks into economic crisis.

According to insiders, corporation chiefs want to turn the brand - which has been running for over 40 years - into a number of one-off specials instead.

But critics fear the moves will dilute the programme's impact at a time when people's concerns over the economy are the highest they have been for years.

Politicians admit they are bemused by the decision, saying that this type of public service broadcasting should be more regular given the conditions.

The BBC2 show has been on air since 1966 and has previously been presented by names including Valerie Singleton, Nick Clarke and Peter Jay.

Well-placed sources say the show is likely to be turned into one-off specials after the next series goes out, which will run until March next year.

The BBC insists it is moving towards more hour-long shows but that total airtime will not be reduced.

Recently Fiona Bruce fronted a programme about computer billionaire Bill Gates, which is seen as the likely new direction of the show.

A short series of 30-minute shows is due to start next month, after which it will go off air for a break before it comes back again at the beginning of next year.

Yesterday Conservative MP Philip Davies, who sits on the culture, media and sport select committee said: "It seems to be an extraordinary decision just as the economy and the credit crunch are having an impact on people's personal finances.

'It seems bizarre that they would even contemplate cutting the regularity of the programme.

'This sort of thing further undermines public service broadcasting.'

A BBC spokesman said the moves were about refreshing the brand and exploring subject in more detail with 'greater impact'.

The spokesman said: 'In line with the Knowledge strategy, the Money Programme format will evolve to create more one hour programmes, like our recent Bill Gates programme, alongside Money Programme specials and series which have the potential to explore subjects in more detail and create greater impact.

'The volume of business journalism programming will remain at least the same and they will go out under the distinctive Money Programme badge.

The Money Programme is currently commissioned in its half hour format until March 2009 but we will start playing out some one hour programmes before then as well.'

The show first aired in 1966 and most recently airs on BBC2 on Fridays at 7pm.

It was originally a magazine show but was then turned into a single subject documentary series in 2001.