I've spent a lot of time with it.
May I just make one additional observation, do you mind, just to finish off?
Very quickly. Many American websites have been carrying stories about Mr Grant and other celebrities because -- that Mail Online can't carry because it adheres to the code. This is quite an important point. Last week saw the announcement of potentially the biggest floatation in the stock market history, that of Facebook. Mark Zuckerberg, the owner of Facebook, has gone on record by saying that people no longer expect privacy in the Internet age. If the mainstream media in Britain is unable to address news stories that are freely available elsewhere, we will look increasingly irrelevant especially to younger people.
I only say this because I said to you earlier that this week Mail Online became the world's biggest website with over 100 million unique users and that's eloquent evidence that there is a huge demand for British journalism globally.
The fact that it is called the World Wide Web is literally true, and the centre of the global newspaper business is the not the UK now, it's no longer the UK, but the US. In that sense the Internet is the embodiment of the first empire and I would ask that the editor of the Mail Online put in a paper to this Inquiry to outline the huge problems that the Internet poses both for the printed press and regulation.