In this cartoon from The Daily Mail, Mac imagines what will happen if the central recommendation of the Leveson Inquiry into the culture, practices and ethics of the British press is put into practice. In fact, Lord Justice Leveson proposed "independent regulation of the press, organized by the press itself with a statutory process."
A couple are walking in the street, having just passed a series of newspaper billboards with headlines about totally insignificant stories such as "BIG PILE OF LEAVES FOUND UNDER TREE", or "WOMAN SUFFERS BICYCLE PUNCTURE". The man comments, "Looks like the new press regulatory body has started work already."
The message of the cartoon is that if the press is subject to excessive regulation, it will not be able to report any worthwhile news (see here for a similar cartoon). In fact, UK PM David Cameron has already rejected the idea of a law to regulate the British press, so the chances of it happening are slim.