By coincidence his speech, on the subject of "why newspapers still matter", was given on the same day that proposals to create a new press watchdog, backed by a Royal Charter and legislation, were announced.

Sir David was one of six assessors who worked with Lord Leveson on his report, and the topic of press regulation dominated proceedings.

However, he said he was unable to go into details about the outcome just yet. "As assessors we agreed when the Report was issued in November to make no comment on its conclusions at least until there was agreement on a way forward."

Today (19 March) it has emerged that a number of national newspapers are taking legal advice about the proposed new regime for press regulation.

In his speech Sir David spoke of the massive reputational damage suffered by newspapers as a result of revelations surrounding the phone hacking scandal, damage that was in danger of overshadowing "countless examples of great journalism".

"The critical functions of a free press, absolutely indispensible to ensure our society remains free, have been in grave danger of being overwhelmed in the public mind by a much darker, less sympathetic view of what newspapers are for. It is this that, I submit, we as an industry need to change," he stated.

He cited a recent YouGov poll, published in Prospect magazine, in which just 40% of those polled said they now believe what they read in broadsheets and only 10% what they read in the "red-tops". Ten years ago the equivalent figures were 65% and 14%.

"The charge against the industry, against all of us, is that we have too often turned a blind eye to what has been done in our name and been happy to talk about our rights, but less willing to recognise our responsibilities," he added. "Too often we have demanded real accountability from everyone but ourselves. Too often we have been unwilling simply to say sorry or print swift clarifications and apologies when we are just wrong.

"I believe that the uncomfortable truth for us is that there is a vacuum in the very heart of our industry ... and that we may have lost the trust of many of our readers in a more fundamental and damaging way than we still care to admit."

He also warned that local newspapers, "one of the great jewels of the country" could be adversely affected by as a result of the new agreement.

"None of the [Leveson] issues started at a local newspaper. Local newspapers have a great record and are worried that some of the principles might cause them huge costs, that they don’t deserve," Sir David said.

Away from the subject of the Editors Code of Practice, press regulation, and the damage caused by the Leveson revelations, Sir David highlighted the need for newspapers to adapt to the new media landscape.

"Of course these challenges do threaten our very future and our profitability. Competition for attention has never been so intense. It may even be that one day the very word ‘newspaper’ will be consigned to history as what we do now on paper is done only on electronic tablets or other delivery systems yet to be invented. We have a real fight on our hands," he said.

He cited the Svenska Dagbladet and Seattle Times as examples of newspapers that were successfully adapting and harnessing new technologies to their and their readers’ advantage.

Sir David, who started his career as a trainee journalist on the Oxford Mail, also told PrintWeek that he welcomed the growing trend for so-called "hyper local" publishing. "Newspapers are about people, and people like to read about people. You could argue that’s been forgotten."