Newspaper industry rejects cross-party proposals to regulate the Press Unveils alternative plans for tough new watchdog which PM will consider Will have strong investigative powers and right to impose fines up to 1m

By James Chapman

PUBLISHED: 17:43 EST, 25 April 2013 | UPDATED: 18:45 EST, 25 April 2013

The newspaper industry has flatly rejected cross-party proposals to regulate Britains 300-year-old free Press, unveiling alternative plans for a tough new watchdog which David Cameron said yesterday he was very happy to consider.

It will mean a new independent regulator having strong investigative powers and the right to impose fines of up to 1million for wrongdoing, up-front corrections, inaccuracies corrected fully and prominently, and independence from the industry and politicians.

After weeks of uncertainty, major publishers said they would not sign up to the Royal Charter agreed by politicians and the Hacked Off lobby group over 2am takeaway pizzas in Labour leader Ed Milibands office last month.

That agreement gives the Government the power to interfere in Press regulation.

The newspaper and magazine industry have published a draft alternative charter, which will be put to the Privy Council. Many other professions have applied for their own Royal Charter in the past, including accountants and surveyors.

All four industry bodies, including the Newspaper Society, which represents national and local titles, backed the plan.

In a statement co-ordinated by the Newspaper Society, they said the Royal Charter published by the Government on March 18 had been condemned by a range of international media freedom organisations and enjoyed no support within the Press.

Read more:

Freedom of the press: Newspapers launch own Royal Charter with teeth to protect the public