- 61 updates
Lord Justice Leveson recommends that newspapers set up their own self-regulatory body which would be overseen by another independent body, which in turn would be overseen by Ofcom.
He also recommended that the independent body could impose a sanction of up to 1 per cent of a newspaper's turnover (maximum £1 million).
Lord Justice Leveson has said that the former Culture Secretary Jeremy Hunt behaved "commendably" over the BSkyB bid, and places blame on his special adviser Adam Smith.
In his report, he writes: "Mr Hunt immediately put in place robust systems to ensure the remaining stages of the bid would be handled with fairness, impartiality and transparency, all in line with his quasi-judicial obligations."
"In every respect bar one, the bid was commendably handled."
Mr Hunt was accused of getting too close to News Corporation after the company released a series of emails exchanges between its chief lobbyist Frédéric Michel and Jeremy Hunt's office.
Adam Smith later resigned over the issue.
Lord Justice Leveson said a new independent regulatory system underpinned by legislation would:
- Enshrine, for the first time, a legal duty on Government to protect freedom of the press.
- Provide an independent process to recognise the new self-regulatory body and reassure the public that the basic requirement of independence and effectiveness were met...in the report I recommend this is done by Ofcom.
- By recognising the new body, it would validate its standards code.
Lord Justice Leveson said in his report: "It is essential that there should be legislation to underpin the independent self-regulatory system and facilitate its recognition in legal processes.
"The legislation would not establish a body to regulate the press; it would be up to the press to come forward with their own body that meets the criteria laid down.
"The legislation would not give any right to Parliament, to Government, or to any regulatory (or other) body to prevent newspapers from publishing any material whatsoever.
"This is not, and cannot be characterised as, statutory regulation of the press. What is proposed here is independent regulation of press organised by the press with a statutory verification process."
Lord Justice Leveson has recommended a new independent regulatory system underpinned by legislation in his report.
At a regular media briefing in Westminster, a 10 Downing Street spokeswoman was repeatedly asked whether Mr Cameron would be speaking on behalf of the whole Government when he makes his statement this afternoon, but declined to answer the question directly.
The campaign organisation Avaaz is holding a small protest in Westminster featuring a bound and gagged Prime Minister and a Rupert Murdoch figure burning pages of the Leveson report.
Avaaz is calling for a 20% cap on media ownership by anyone person or company.
The organisation's executive director Ricken Patel said the Prime Minister has a "once in a generation chance to end the Murdoch mafia".
Commons leader Andrew Lansley told MPs that both Mr Cameron and Mr Clegg would be speaking "on Government policy".
He defended the arrangement as being "perfectly reasonable in immediate response to a wide ranging inquiry as the Leveson Inquiry, for a sense of how the coalition government is pursuing the process of considering a response to this report".
"The House will be better informed by virtue of two statements than by one," he added.
Lord Prescott said he hopes that the Leveson report will call time "on discredited and useless press self-regulation once and for all," in a piece written for the LabourList.
Latest ITV News reports
Lord Justice Leveson says a genuinely independent and effective system of self-regulation is needed.
First snapshot of Lord Justice Leveson's Inquiry into the Culture, Practices and Ethics of the Press.