The press will no longer be permitted to fulfill its legitimate function without explicit permission from the rulers of the state:
Unless they register with a “press register” (established by Royal Charter), anyone who makes publishes “news-related material” will be liable for “libel damages” with huge fines. Even if they register, they can still be liable if in the government’s opinion they were not punished by their “regulator” sufficiently.
This ends the legal right of publishers to publish without censorship or attack by the government, which was established by John Wilkes back in 1771.
While a press which largely parrots the statements of politicians without examining and challenging them is a bad thing, an even worse thing is a press which is afraid of offending.
There is no reason for the first amendment unless some speech is offensive. Great Britain does not have the first amendment and it would seem that their living constitution does not otherwise protect them in this regard.