New of the World Axed: last edition this Sunday.

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Readers of The New of the World are said to be 'shocked' following recent plans to axe the newspaper following in the wake of its phone hacking scandal. James Murdoch, son of the paper's owner Rupert Murdoch, has announced that this Sunday's edition will be the paper's last.

It was reported to Yahoo! News by a News of the World journalist that James Murdoch broke the news to staff this afternoon. Many journalists are said to be distraught and phoning their families.

In a statement James Murdoch said: "Having consulted senior colleagues, I have decided that we must take further decisive action with respect to the paper. This Sunday will be the last issue of the News of the World. We will run no commercial advertisements this weekend. Any advertising space in this last edition will be donated to causes and charities that wish to expose their good works to our millions of readers."

Ed Miliband, leader of the Labour party, remains adamant that News International Chief Executive Rebekah Brooks should lose her job. "Closing down the News of the World does not solve the problem" he told BBC News.

Rupert Murdoch is refusing to comment.

The BBC has reported that the URLs TheSunOnSunday.co.uk and TheSunOnSunday.com were registered two days ago by an unknown company.