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

Well, thank you. And I certainly understand and respect that argument. But I think what you're trying to achieve can be achieved if there are appropriate checks and balances and legal protections built into the system.

I know this is taking the conversation in a slightly different direction, but the major area where I've had to confront the dilemmas you describe is in terms of economic policy and whether or not the Bank of England should be an independent body, separate from politicians, determining interest rates, and I was one of the people who argued for that independence when it was established 12 years ago.

But I think what we are now discovering is that there are -- you know, a very different economic environment, that there are very big decisions which probably are political rather than technical, which the politicians are no longer able to make, because they have handed over decision-making to an independent arbiter constrained with rules, which were devised, as you say, to reflect the policy environment of that time.

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