The editor of Private Eye has told the Leveson Inquiry he does not believe in a regulated press.

Ian Hislop, who gave evidence this morning, said papers should obey the law and be accountable to the public.

He said: "I do hope you'll call some members of the public, and ask them why they bought the News of the World".

Hislop said his magazine is “unique” and he did not want to be “tarred with the same brush” as Northern & Shell owner Richard Desmond.

He admitted it was “embarrassing” that Desmond’s publications were the only other papers not in the PCC. He said he could “reconsider” joining regulation if the body was to change but was against being forced into arbitration.

Hislop pointed out Private Eye publishes “two pages a week attacking individuals and newspapers” and he would not expect to get a “fair hearing” from fellow editors. He made it clear Private Eye worked in line with the PCC code, and the principles and ethics of journalism should be “self evident”.

He added Desmond was the “worst” example of a proprietor setting the agenda for his newspapers, and comments he made on ethics before Lord Justice Leveson should not be taken as a “rule of thumb” for the industry.

Hislop said press coverage of the inquiry had been selective, and journalists had not reported “critical” information about their publications.

The editor was also asked about public interest and gave the example of Sir Fred Goodwin, who took out an injunction to prevent details of an affair with a senior colleague, as a “grey area” that should be judged by editors. He said that any “reasonable editor” would not have thought it acceptable to “hack into a murdered girl’s phone”.

Hislop told the inquiry that he had been personally targeted by private investigator Steve Whittamore, who obtained numbers of his family and bank manager.