This independent report for the Media Standards Trust makes the case for urgent reform of the self-regulation of British press content. It focuses on increasing inaccuracy and invasion of privacy by the press, which also suffers declining public trust. These features are linked to major changes in press technology and economics. Unlike comparable trades and professions, the Press Complaints Commission has not updated its structure and procedures to reflect modern standards of transparency, fairness and accountability. The democratic role of the press is weakened. Governments may be tempted to intervene. A later report will propose reforms.