Runners and riders in the race to find a new way to regulate the British press

With Lord Lester publishing a press reform bill today the runners and riders in the race to reform regulation of the press are as follows:

The industry – with a pledge to implement everything in the Leveson report with the exception of a new law guaranteeing the independence and effectiveness of the new press regulator. The Tories are currently mulling a non-statutory way to ensure that the new regulator does not slip into bad habits. National editors agreed to this last week, and following Lord Black's comments at the British Journalism Awards – it looks likely that the owners are singing from the same hymn sheet.

Labour – wants a new Leveson-compliant regulator to be overseen by Lord Chief Justice. This is a softening of Labour leader Ed Miliband's previous call for the Leveson report to be implemented in full

Lib Debs – Lord Lester published a draft press regulation bill today suggesting that the new regulator should be overseen by the president of the Supreme Court.

Hacked Off – want Leveson recommendations enforced in full, with Ofcom having the job of regulating the regulator.

Conservatives – to publish their draft bill on Thursday. Though as they are against legislation, their bill is about proving that legislation would not work.

Meanwhile, Tory leader David Cameron today appeared to soften his stance against statutory press regulation.

He that legislation would not necessarily be "the end of the world".

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