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By Andrew Osborn LONDON (Reuters) - Britain approved a new system of regulating its press on Wednesday, a move newspapers said was draconian and threatened freedom of speech but which former victims of press excess described as long overdue. "It'll protect freedom of press and offer redress when mistakes are made," Britain's ministry of culture said on its official Twitter feed. All three main political parties, including Prime Minister David Cameron's ruling Conservatives, back the new rules. Britain's press has tried and failed to block the new system via the courts, arguing it would expose the industry to possible political interference since the British parliament will be able to change the system if it wants to.Read more...