The hon. Gentleman makes a valid and valuable contribution. My hon. Friend the Member for Barnsley East, the shadow Minister with responsibility for media, has met those bodies recently. We understand the points that he is making and take them fully on board. This new clause, tabled in my name and that of my hon. Friend, is not prescriptive as to how we break the cycle; it leaves multiple options open to the Secretary of State.
I turn to clause 50 and the amendment tabled in the name of the right hon. Member for Camborne and Redruth (George Eustice), who made his points earlier. The phone hacking scandal led to section 40 of the Crime and Courts Act 2013. That scandal involved egregious acts, and the treatment of victims of crime or tragedy by some sections of the media was a disgusting abuse of power. We all say that that should never be repeated. The majority of British journalists are decent and honourable, but there are some who even now continue to drag the good name of that profession into
disrepute. That profession is a cornerstone of our democracy and it is important that the public are able to trust it, but at the moment we are at risk of the public losing faith in the profession of journalism, as was certainly also the case before section 40 was created and before that scandal was exposed.
We on the Labour Benches want a press that is regulated in a way that makes it accountable for its reporting and that meets the highest ethical and journalistic standards. We want to see a financially sustainable free press in the UK that can carry on holding power to account. Clause 50 repeals section 40 of the Crime and Courts Act, but if the right hon. Member for Camborne and Redruth pushes his amendment 2 to a Division this evening, we will support it, because it offers a way through by keeping some of what he refers to as the carrots. Indeed, by removing some of the sticks, his amendment would incentivise more publishers to join up with an approved regulator, for the reasons that he has outlined much more coherently and clearly than I can now. We thank him for working co-operatively with us.