Leveson proposes new independent regulator with bite

So we've been pouring over the Leveson report for nearly two hours.

The first confirmation is it is big: four volumes.

It's damning on the behaviour of press, not just the News of the World.

It wants a new independent regulator with bite, but with Parliament passing a law to make sure Ofcom says its independent and effective.

On the politicians it says they got too close to the press.

But on the Prime Minister it says that there's no evidence a deal was done trading policy favours for News International's support.

And on Jeremy Hunt, largely in the clear, it says that there was no actual bias on the BskyB bid though his special adviser's role gave rise to a perception of bias.

On the police he backs the integrity of officers involved in the phone hacking allegations but says a series of poor decisions were made.

That's the early snapshot. There are 1,987 pages.