Leveson Inquiry

I am in favour of the press having better standards but the best form of regulation is what we saw—The Guardian exposing the failures of the News of the World; “Panorama” exposing the failures of “Newsnight” —not a regulatory body, whether or not underpinned by the state. My hon. Friend is uncharacteristic. Those who jump to the conclusion that we need state-backed regulation assume that that is always an improvement on voluntary actions and arrangements. Such faith is a triumph of hope over experience and people forget the law of unforeseen consequences. Regulation invariably has unforeseen—but not necessarily unforeseeable—consequences.