Ofcom has said that a total ban on such advertising would be ineffective and disproportionate, after it published the findings of research based on interviews with more than 2,000 children, parents, teachers and nutritionists.
Advertising, it said, was of only small significance in the food children consume. Ofcom said that the child's preferences were paramount in the choices made and that peer pressure was a notable influence. It also said that while parents liked to choose products based on their healthiness, convenience was a more powerful motivator.
Ofcom's decision will come as a disappointment to parent and health pressure groups, which have been lobbying for a complete ban. Doctors had also joined the calls for a ban, arguing that their advice on healthy eating could not compete with messages delivered by celebrities such as Gary Lineker appearing in ads for Walkers.
The research has revealed that 70% what kids watch on TV is broadcast outside the timeslots that are designated as children's airtime, making a ban just during those hours ineffective.
Ofcom also pointed to a lack of firm evidence that an ad ban helped in countries where it had been introduced and concern as a reason for ruling out the move, and said that it would undermine the likely investment in children's programming on commercial television.
It also said that its research found that most parents do not support an outright ban on television advertising, although they would like ads that are directed at younger children to be less attractive, by avoiding the use of cartoon characters.
Stephen Carter, chief executive of Ofcom, said: "Television advertising clearly has an influence and equally clearly there is a need for a tightening of specific rules. However, a total ban would be neither proportionate to nor, in isolation, effective."
Ofcom will now wait for the Health White Paper to be published, along with a nutritional profiling of all foods being compiled by the Food Standards Agency, before assessing how this should be reflected in the Advertising Code.
The full report can be found at the Ofcom website.
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