What is the point of Leveson?

It has been reported that the Prime Minister has spent many hours in preparation for his own appearance at the Leveson Inquiry and many other senior politicians have been involved too.

That has led to criticism of the process, with some MPs describing this as a waste of time, of interest to only a few people inside the Westminster village.

Peter Watt, a former general secretary of the Labour Party and a political blogger and Lord Fowler, a former Conservative cabinet minister who campaigned for an inquiry into phone hacking, debate if the Leveson Inquiry serves any real purpose.