The Telegraph Group of newspapers is to return to British hands after the secretive Barclays brothers confirmed they had bought the titles for £665 million.

Sir David and Sir Frederick Barclay, who already own the Scotsman and the Business, will now become major press barons with the acquisition of the Telegraph, the Sunday Telegraph and the Spectator magazine.

The sale came after the fall from grace of Canadian Lord Conrad Black, who has run into financial trouble.

No major editorial changes are expected at the traditionally Tory supporting papers in the short term.