Can I just add one thing? For me, I'm less convinced about a new privacy law. The crucial issue is defining the public interest. If we had a parliamentary definition, if there was a law which actually said, "Here is a definition of the public interest", it's not going to resolve every single case, they would need to be done on a case-by-case basis through the courts as happens now between Article 8 and Article 10. But at least it would then have democratic legitimacy of Parliament behind it and more importantly it could help to liberate good journalism.
As George said, what it could do is provide a defence perhaps to phone hacking, perhaps to the Bribery Act, and there would be a defence on grounds of real public interest which Parliament has defined, but that would not include intruding into the private lives of celebrities just because they are celebrities.