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The BBC has confirmed that it will not hold its annual news festival as part of a "continued drive" to save costs.

But a spokesperson said the broadcaster will consider whether it should be reinstated in future years.

The annual festival was reportedly due to take place in London in January next year

. The internal event, open to BBC staff only, normally looks at the biggest events and trends in news, with sessions and speeches by news executives and journalists.

In a statement, a BBC spokesperson told Journalism.co.uk that the broadcaster has decided not to hold any of its major divisional festivals in 2011 in Vision, Audio & Music and News.

"This will deliver savings and is part of our continued drive to think through every line of our cost base," they said.

"In due course, we will consider whether these should be reinstated in subsequent years".

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