London - Richard Lambert, editor of the Financial Times, yesterday moved to head off a mutinous plan by several senior FT journalists to set up a rival financial newspaper in cyberspace.
It emerged at the weekend that Robert Peston, the paper's political editor, and William Lewis, the FT's New York correspondent, had approached venture capital groups with a request to back their Internet-based publication, which would offer instant news and analysis of financial affairs.
At least four other senior FT writers were also invited to join the venture. But last night journalists on the paper were told that the idea had been abandoned some weeks ago. "Peston and Lewis are not leaving," Mr Lambert said. "The idea of a mass walkout is complete nonsense."
The putative move comes at a sensitive time for the FT. While the paper has made huge strides over the past two years building its international readership - particularly in the US - sales in Britain have stagnated.