I rarely agree with Shami Chakrabati, but with this I do, while I in no way agree with how the press conducted themselves, we do need to retain the freedom of the press. In no way should legal restraints be applied. To do so would leave the press vulnerable to political misuse in the future. I do believe that a more stringent code of practice is required to which all printed news media should be required to join. If a publication prints untruths there are the Laws of Libel. Unfortunately this is not a criminal law, but is under civil law. So is mostly only available if the defamed person as money to spend on the action. I believe that a form of libel law should be enshrined in criminal law, hence it would be available to all.
As to Ed Miliband he is just trying to make political capital out of the situation.