The draft Royal Charter on the self-regulation of the press was published today.
- To create a body known as the Recognition Panel
- To remain in place unless two-thirds of MPs and peers decide otherwise
- To impose "financial sanctions up to 1% of turnover attributable to the publication concerned with a maximum of £1,000,000"
- To be funded by public money “to commence its operations and thereafter fulfil its purpose for the first three years”
- To be governed by a board made up of a chair and at least four members
David Cameron has insisted a cross-party agreement for a new system of press regulation protects the principle of the free press.
Labour says this is just the sort of legal under-pinning they were looking for but the Conservatives say that no such press law will exist.
Is there a chance tomorrow's Commons' votes on press regulation may not go ahead? Could there be agreement between the parties after all?