I believe in freedom of the press. If the press needs regulation on top of the criminal law which already applies to newspapers and journalists it should be self regulation, not regulation under any kind of political control. In order to have a system of self regulation, the press needs to buy into it and operate it. Politicians should not force a system onto the press that they are unwilling to operate.
If there are bad practices which the country wishes to prevent, Parliament can legislate to make them illegal. The worst abuses by some in the press in recent years were against the law. Phone hacking is against the law. There is no need to set up expensive and controversial regulation to tackle people wh0 break the law. They should be charged in a court of law.
Other occupations which have fallen under politician inspired “independent regulation” are often the worse for it. After years of extensive increase in financial regulation, switching it from self regulation to Statute based regulation, we had the worst banking crash and set of scandals in living memory. That was no great advert for Statute backed regulation.