Andrew Rawnsley nails it.

Imagine we were talking about a 16-month, £5m, government-commissioned inquiry into abuses perpetrated by doctors or lawyers or members of the armed forces. Imagine that this inquiry had catalogued repeated illegality, systematic breaches of the profession’s codes, the corruption of public officials, the compromising of political integrity and outrageous misconduct that had maimed innocent lives. Imagine that the report had arrived at the verdict that, while this profession mostly “serves the country well”, significant elements of it were “exercising unaccountable power”.

Imagine the prime minister who had set up that inquiry then responded that it was all very interesting, with much in it to commend, but he was going to park this report on the same dusty shelf that already groans with seven previous inquiries and allow this disgraced bunch one more chance to regulate themselves. We know what would be happening now. The newspapers would be monstering the prime minister as the most feeble creature ever to darken the door of Number 10. But since this is about the newspapers themselves, David Cameron has received some of the most adulatory headlines of his seven years as Tory leader.