Allegations and outrage spread in Britain Saturday related to the soon-to-be defunct News of the World newspaper phone-hacking and ethics scandal. The allegations that led to the tabloid publishing its last edition reached into the realm of politics, business and academics. Opposition Labor Party officials issued statements online and to the media criticizing Prime Minister David Cameron for "dragging his feet" in getting official inquiries formalized, The Daily Telegraph said. Cameron has said there would be two government inquiries, one dealing with the alleged illegal phone-hacking of some 4,000 people and the second into journalistic ethics. However, who will head the inquiries hasn't been announced. The newspaper is owned by News International, which in turn is owned by Rupert Murdoch's News Corp. Murdoch arrived in London Saturday to oversee the News of the World's closure and determine his course in acquiring another media conglomerate, the BBC said. Murdoch ordered the closure of the 168-year-old newspaper amid negotiations to acquire satellite broadcaster BSkyB, which operates Sky News, among others. When news of the tabloid's demise was announced, market value of BSkyB fell more than $1.4 billion, the Telegraph said. News International's chief executive Rebekah Brooks, former editor of News of the World, also came under attack by some faculty and former students of the University of the Arts London, The Guardian reported. Last year, the school awarded Brooks an honorary fellowship, but the protest letter to the school's registrar called for the award to be revoked, saying it would be "offensive and indefensible" to allow her to keep it.