In the light of the Leveson Inquiry is regulation of the (British) Press working? Should there be some form of statutory regulation of the press

In the light of the Leveson Inquiry is regulation of the (British) Press working? Should there be some form of statutory regulation of the press
Print media in the UK do not have certain statutory controls on their content and activities, other than the general criminal and civil law. Instead of this the press have been given the privilege in a way to regulate itself, through the PCC which is the Press Complaints Commission, which is a non-statutory body that is there to maintain the editorial code. But this body is seen to be futile as they do not have the power to impose penalties on those that breach the code.
This code is measured upon these clauses, accuracy, the opportunity for reply, respect for privacy, harassment, intrusion into shock or grief, the interests of children, the protection of children in sex cases, entry into hospitals, the reporting of crime, the use of clandestine devices and subterfuge, the protection of victims of sexual assault, discrimination, financial journalism, the protection of confidential sources, payment for information relating to criminal trials and payments to criminals.
Most of the restrictions listed above do not apply if it is in the public interest, the politicians’ expenses scandal, the Guardian paid for a stolen disk which contained the information on the politicians’ expenses. The media justified this criminal act by proudly addressing the fact it was in the public interest, that this scandal should be exposed, since it was their tax money these MP’s were miss-spending.
Cameron and other MPs agree the Press Complaints Commission (PCC) has failed, with Labour MP Alun Michael branding it a 'joke' and calling for "statutory regulation of the press and media."
