The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

With respect to editors, editors have to believe that by putting a good story in, they're going to sell more papers. They have to believe that. The day they don't believe that is the day they go home and play golf, or whatever ex-editors do. They have to believe by running a big story that the sales will go up, but that doesn't necessarily correlate, or it may do for a week.

You know, you have to understand that, you know, the commercialities of a newspaper basically is selling advertising. And advertisers, you know, if the circulation goes up by 100,000 copies in the month, 100,000 copies in the month is divided by 25 days, which it is 4,000 copies a day, which is not going to make -- the advertiser isn't going to go, "Whoopee, I'm going to pay you 4,000 of 700,000 or 800,000 extra money, but the advertiser is sophisticated and looks upon the circulation over a six-month period or maybe a 12-month period and the advertiser is not stupid. He knows that, you know, if a paper gives away a DVD and it goes up by 200,000 on a Saturday, you know, 200,000 copies divided by 25 is only 8,000 copies a day and it's not on that day anyway.

But the editors have to believe by writing a -- I don't want to be rude to editors. They have to believe and it's right they believe that it will lift copies, but unfortunately, you know, we are in a non-growth business, and, you know, that's where it is.

You know, this Inquiry is probably the worst thing that's ever happened to newspapers in my lifetime, because it means -- you know, it's very hard at the moment in Britain in business, you know, it's very, very hard. The banks are very tough on everybody, it's very difficult to get money and borrow money. It's very difficult to do anything, frankly, and therefore people are looking at every single penny they're spending, and if they believe that newspapers are basically dishonest hacking low lifes, I suppose is the word, you know, then they're not going to buy newspapers. And the last few months, the sales of newspapers have never been so bad.

One of the reasons is -- and I'm not blaming the Leveson Inquiry, I'm blaming the source of the Inquiry, which is the hacking thing, which should have been nailed on the head years ago, and not left to go on for so many years. I've never known anything like it. Hacking is illegal. Why are these people still walking the streets? You know, it's ridiculous that we're all -- the amount of money, time, expense, et cetera, et cetera, et cetera, we're all putting in to look at, you know, this, that and the other, when these companies have committed criminal acts and should be prosecuted.

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