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

The only thing I would say about that is that the two newspapers that I just mentioned that actually exposed this whole scandal, and the Times, between them, are losing more than £100 million a year, and I think that's something we should seriously think about, because there may come a time when there won't be anyone, there won't be wealthy individuals, charitable trusts, that will be willing to fund this journalism and that's the scary moment because what happens then?

Just to give one statistic, I have spent over 75 million Lebedev money over the last three years funding the Evening Standard and the Independent. So it's a really expensive -- it's a really expensive element of British democracy that needs to be preserved at any cost.

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