The majority of the newspaper industry has rejected the Royal Charter. They will submit their own rival version to the Queen. Full details from the World at One:

• All national papers except Indy and Guardian have signed up to alternate charter free from political interference, but Indy and Guardian editors think this is a good idea “to get the ball rolling” and “reopen” the conversation.
• Principle of Royal Charter accepted, but on own terms.
• Fines up to £1 million for systematic wrongdoing.
• Full and prominent corrections.
• Open and transparent appointment of members to independent overseeing board.
• Public involvement in code of practice.

https://twitter.com/gallaghereditor/status/327393153206325248

Sun editor: "Sun readers expect journalists to behave responsibly, but don’t want them censored by a state-sponsored Ministry of Truth."

— Media Guido (@MediaGuido) April 25, 2013

Evan Harris isn’t going to be happy…

UPDATE:

The Editors of the Times and Sunday Times, as well as the the Managing Editor and CEO of News International have all put out video statements explaining the new plan. Here.