Member

I do not know whether that deal will go ahead if this House fails to pass these regulations today. It may, or it may not. It would, in my view, be deeply damaging to the future of the Telegraph if a sale does not happen soon. Of one thing I am absolutely certain: our decision today will send a clear signal to any potential investor, in either the Telegraph or any other part of the British media. It will signal either that the UK media has a bright future and that this Parliament will support it with a modern and practical regulatory framework that reflects the realities of the global media market and is focused on growth, or it will signal that the UK media is closed for business, and that this Parliament is unprepared to back its future by allowing media businesses the freedom to attract investors from across the globe to compete and grow. In that case, the media will decline and fall. The consequences for our democracy are incalculable.