Tom Watson says he is pleased the government appears to have taken Labour's suggestions on board for new regulation.
"But there are some gaps, this doesn't address market failures.
He said that most MPs were united when it came to online issues, including the view that social media companies are"irresponsible"."But social networks hire banks, lawyers and lobbyists to avoid being held to account."According to the reports, Ofcom would initially take on the regulatory role, but a new body could then be set up.
"Governments have allowed social media platforms to be self-regulated, but remember this really is a matter of life and death and it's getting worse."
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