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

Absolutely. The point I was making is that would be very difficult, a very difficult position to sustain if the highest standard was significantly higher, is what I'm saying. We're already at a competitive disadvantage. And this isn't hypothetical competition, this is the competition British newspapers are going to have to enter if they want to have a future, which is why we have a New York office, why the Guardian have also chosen to invest heavily in America, because they're a free website, presumably they've done the same calculations we have and have realised that the English language news is not one market any more, it's a global market, it's anywhere where they can speak or read English, and fantastically, Fleet Street is very well placed to exploit that market.

In the 1980s when they deregulated the City, it gave the City a chance to compete around the world for financial business, and it did so fantastically. In a way this is Fleet Street's Big Bang, this is our chance to compete with everyone else in the world, and the home of the Internet is America, the biggest news providers in the world are American. My main competition isn't really, to be honest, the other Fleet Street papers. My main competition is AOL or Yahoo or People Magazine.

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