One of Britain's most storied newspapers has been accused of censoring itself for commercial gain, raising awkward questions about a centuries-old press culture that has prided itself on its no-holds-barred approach to telling the truth.

The 160-year-old Daily Telegraph strongly denied accusations made in a resignation letter by one of its best-known writers, who said the paper had soft-pedaled coverage of a banking scandal to curry favor with an advertiser.

Britain's press, known collectively as "Fleet Street" in reference to the London lane where newspapers were based for generations, is proud of its independence — able to make or break a political reputation with a merciless approach.