The Calculated Risk That Changed British Journalism
Sir Andreas Whittam Smith, who passed away on Sunday 30th November 2025, was a man whose serene exterior belied a remarkable appetite for risk. The founding of The Independent newspaper in October 1986 stands as his most enduring legacy - a venture built not just on journalistic principles but on his profound understanding of financial gamble.
Together with two younger, like-minded colleagues from The Daily Telegraph - Stephen Glover and Matthew Symonds - Whittam Smith embarked on what he described as an "all or nothing" move in 1985. Their ambitious project: to create Britain's first new broadsheet newspaper in more than a century.
From Banking to Breaking Media Conventions
Whittam Smith's fascination with finance began early, counting collection money in his father's Anglican parishes in northwest England. After studying one of the country's first A-levels in economics during the early 1950s, he began his career at merchant bank NM Rothschild in 1960 before transitioning to financial journalism.
His rapid progression through Fleet Street saw him hold positions at the Financial Times, The Times, The Guardian, and ultimately The Daily Telegraph as City editor. The extensive network he built during these years proved invaluable when he needed to raise an extraordinary £21 million (approximately £64 million today) to fund The Independent.
To demonstrate his commitment, Whittam Smith mortgaged his own home to secure offices on City Road in Islington - a symbolic move away from both traditional Fleet Street and the emerging Docklands media hubs.
A Distinct Editorial Vision and Lasting Legacy
Under Whittam Smith's leadership, The Independent broke new ground as the first British newspaper with no permanent political allegiance, reflecting its founder's own voting history across the three main parties. The publication became known for its comprehensive foreign and financial coverage, striking photography, and innovative approaches such as bylined obituaries.
His principled stance extended to banning free hotel stays for travel journalists and preventing the fashion desk from accepting gifts, insisting the paper must "pay its way". He also withdrew The Independent's Westminster staff from the secretive lobby system, demonstrating his suspicion of establishment networks.
Though Private Eye nicknamed the paper "the Indescribablyboring" and Whittam Smith himself "Strobes", the publication represented a significant achievement in British media history.
Beyond Journalism: Church Finances and Film Classification
After departing The Independent in 1994, Whittam Smith embarked on a second remarkable career as First Church Estates Commissioner, the senior lay member of the Church of England. Over 15 years in this role, he expertly managed the Church's £8 billion investment portfolio through the global financial crisis, achieving average returns of 6% above inflation.
His success in doubling the Church's asset base demonstrated the same financial acumen that had launched The Independent, though his methods sometimes bruised episcopal egos - with one bishop describing his approach as "brutality with a smirk".
In another unexpected chapter, Whittam Smith served as president of the British Board of Film Classification, where his socially liberal views led him to approve video releases of controversial classics like A Clockwork Orange and The Exorcist.
Despite being knighted in 2015 for his service to the Church of England, Whittam Smith's background was less privileged than many assumed. The man known as "Andy Smith" at school grew up in Birkenhead as the son of an Anglican vicar, attending Birkenhead School and Keble College, Oxford, where he studied Philosophy, Politics and Economics.
His career demonstrates how calculated risk-taking, when combined with strong principles and financial wisdom, can reshape British institutions from media to religion, leaving a legacy that continues to influence public life today.
