There is no conflict between best in British class and being a global newspaper. We are an international newspaper rooted in the City of London, and I think people understand that. The 'FT' stands out as a global niche product.

My father was a journalist for 50 years in Leeds and Fleet Street. I thought about a career in business to show I could do something different, but the reaction among prospective employers was, shall we say, underwhelming.

In hindsight, Watergate was a curse as well as a blessing for American journalism. The courageous reporting of the 'Post' and the 'New York Times' - coupled with the favourable Supreme Court rulings on publication of the Pentagon Papers - were landmarks for the interpretation of First Amendment rights and the freedom of the press.

All our reporters and editors now work seamlessly in print and online. This integration has transformed the way we work. I believe this is vital to the success and growth of newspapers.