by Sunny Hundal

The Conservatives, Labour and Liberal Democrats have reached an agreement on press regulation, Ed Miliband’s office has just confirmed to Liberal Conspiracy.

A senior Labour source sent us this brief statement:

After five and a half hour of talks in Ed Miliband’s office which ended at 2:30am, we are confident we have the basis of an agreement around our royal charter entrenched in statute. Ed Miliband, Harriet Harman, Nick Clegg and Oliver Letwin all there. Details to be announced later in the Chamber.

Harriet Harman is expected to say more in the morning on radio and TV.

It looks like David Cameron caved in to Labour and Lib Dem demands at the last minute. More on the Labour / Lib Dem RC here.

UPDATE 11am:

Labour sources are adamant that the bill have statutory underpinning, contrary to Tory claims.

We have been sent the amendment to the ERR Bill which gives Statutory Underpinning to the Royal Charter

Royal Charters: requirements for Parliamentary approval Where a body is established by Royal Charter after 1 March 2013 with functions relating to the carrying on of an industry, no recommendation may be made to Her Majesty in Council to amend the body’s Charter or dissolve the body unless any requirements included in the Charter on the date it is granted for Parliament to approve the amendment or dissolution have been met.

Our Labour source added: “This is not a little bit of statute, this is not a dab of statute, this is statute pure and simple.”

Meanwhile in related news…

BREAKING: Sun admits accessing contents of mobile phone stolen from Lab MP Siobhan Mcdonagh’s car.Paying substantial damages. #hacking — tomsymonds (@tomsymonds) March 18, 2013

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