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There should be an independent watchdog agency to regulate the British press, Lord Justice Brian Leveson said in his highly anticipated report released on Thursday. Leveson insisted that tougher self-regulation is needed to "protect the freedom of the press" and an arbitration system should be set up to help victims. Leveson's report is the final word after his Parliament committee's investigation into press standards following the phone-hacking scandal at Rupert Murdoch's News Corp. Prime Minister David Cameron and deputy Prime Minister Nick Clegg will give separate statements following the report’s release, signaling that Clegg, a Liberal Democrat, is splitting with Cameron, who has been scrutinized by the Leveson Committee due to his close ties with former News International chief Rebekah Brooks.