U.K. Government Airs Watered-Down Proposal for Press Regulation

But not watered down enough

Prime Minister David Cameron rejected Lord Justice Leveson's recommendation, backed by Labour and the Lib Dems, that a new system be underpinned by statute.

The draft charter proposes setting up a "recognition panel" to ensure the new press regulator does its job properly.

The Tories say its plans mean legislation is not required.

Cross-party talks on how the Leveson report should be implemented failed to reach agreement.