Baroness Boycott (CB)

My Lords, I rise to support the Government on this measure. I think that 15% passive ownership is perfectly okay. I very much support a lot of what the noble Baroness, Lady Stowell, said about the roles of proprietors. I have edited three national newspapers, so I know a lot about proprietors. Indeed, my last proprietor sold our newspaper to a man who had made his money out of Big Ones and Asian Babes. If that is considered a good way to pass things on, I would really question this. A passive investment is perfectly okay and, as the noble Baroness, Lady Stowell, said, the power and influence of a newspaper is absolutely about the proprietor. The proprietor will appoint an editor who is more or less in line with them. If this investment is passive, the Government have done something valuable because we have a lot of problems in our press and with various things. For instance, the Independent is highly linked financially to Saudi Arabia. I declare an interest as Geordie Greig, the editor, is a friend of mine. We have discussed this endlessly. He says that you cannot find any influence of Saudi Arabia within his newspaper, and I agree. The fact that it does a Saudi Arabian issue is its business. I am not saying I like it, but it is making a newspaper, which many of us read, available free at the point of delivery, and all sorts of good things that are otherwise going to disappear. Rupert Murdoch is a very complicated proprietor. A lot of the stuff to do with phone hacking is still not resolved. It is very rich of the noble Lord, Lord Fox, to say that everything is going to fall apart if we get some investment in the Telegraph. Proprietors have politics and they want things to be done their way. The Government have a right, indeed, a duty, not only to make sure that this passive investment is kept that way, but to look at the whole question of proprietors. Obviously, they are going to want influence, so it is very important that the Government carry on if this is going to be about general press and, indeed, media regulation, which looks also at online regulation. Heaven knows where the money for all of that is coming from. We need to have very firm standards here. In the meantime, I thoroughly support what the Government are proposing today, and a fatal amendment against it would be a real mistake.