No. I am not giving way to the hon. Gentleman.
The House should think seriously about setting up a body of statutory supervision that has detailed and substantial powers to influence how the so-called independent regulator behaves, and that has an incentive to enhance, increase and make more detailed that interference in regulation. The House will have no direct control over it, so it will therefore be an abnegation of the House’s duty.
The free press is vile, but it is better to have a free press with all its failings than to have a state-controlled and regulated press. I hope we do not go down that route.
5.33 pm