HAVING long drunk in the Last Chance Saloon - the final stop before it is made to swallow a gagging privacy law - the British press, damned as a whole by the excesses of the tabloid nationals, now sobers up by ordering itself a revised code of practice labelled "the toughest in Europe."

It comes, of course, in response to the public outcry after the death of Princess Diana about press harassment and intrusion.

The code, which comes into effect on January 1, acknowledges that everyone is entitled to respect for their private and family life, bans persistent pursuit and demands that editors ensure that material from outside sources - paparazzi pictures and the like - is obtained in accordance with the provisions of the code.

This newspaper does not disagree with a word of the new code. For it sets standards that we have automatically followed all along - as have the vast majority of the country's publications.

And we pleased that those titles which have regularly displayed different principles are now subscribing to it.

For though this tough new self-regulation puts new - and proper - restraints on the press, it is far better than curbing the freedom of the press with a privacy law.

That is because, however noble its intentions may be, such a law would only protect from rightful and deserved inquiry and exposure the criminals, charlatans and hypocrites in society and public life.

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