The emeritus editor of the Daily Mail Group, Peter Wright, has said he believes parts of the Royal Charter would be "unworkable".
In an interview on BBC Radio 4's The World At One, he explains why newspaper groups have set up their own proposal for a press regulator:
He also conceded that the Guardian, Independent and Financial Times newspapers have not yet "signed up on the specifics," but added that they thought it was "a good idea to get the ball rolling".
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Chancellor George Osborne will seek to reassure financial markets on Monday morning following Britain's decision to leave the EU.
In his first outing since the referendum result, the lead Leave campaigner has outlined his vision for a post-Brexit Britain.