If the press agrees a new form of self-regulation, perhaps contractually binding this time, we will happily take part.
But we would not sign up to anything enforced by government. If such a group is constituted we will not attend its meetings, pay its fines nor heed its menaces. We would still obey the (other) laws of the land.
But to join any scheme which subordinates press to parliament would be a betrayal of what this paper has stood for since its inception in 1828.