Enfield North MP Nick de Bois believes society is “sleepwalking into a controlled press” after foundations were laid forstatutory regulation.

Mr de Bois was one of just 13 MPs to vote against the move in the House of Commons earlier this year, and the failure of the national press's attempt to postpone the Privy Council’s finalisation at the last minute makes outside regulation look inevitable.

The MP warned this could spell serious financial danger for much of the regional press given it will allow any ‘third party’ the right to complain about any story.

He said spiralling arbitration costs could drive local newspapers out of business, unless they only carry stories which please all involved.

Mr de Bois told the Enfield Independent: “Our local press, already struggling financially, could be pushed over the edge with the threat of the new Royal Charter. That would be a disaster for communities as well as employees.

"Lots of local papers could be driven out of business, especially those who are less risk averse like the Enfield Independent.

"Who can forget the expenses scandal of 2009 where MPs were terrified of being ‘caught out’ in abusing public money. It was journalists, not elected representatives that exposed this gross abuse.”

London Mayor Boris Johnson is also outspoken on this issue, and in his Sunday Telegraph column he points to MPs seeking revenge for the coverage over expenses.

He said: “The beginning of it all was the expenses scandal, and the sense among MPs that they had been brutally treated by the press.

"That was the political context in which Leveson was called into being, with MPs seething for revenge”

Mr de Bois has labelled such a motivation as “damn cheek”, adding that “MPs should not be the judge and jury of their own crimes”.

The Conservative MP also said that necessary laws are already in place and that it should be considered as an issue of law enforcement rather than “stifling the legitimate right of a free press to investigate”.

He added: “For those that rightly point to phone hacking as grounds for statutory controls it is worth remembering that these offenders broke the law and are subject to criminal prosecution.”

The Newspaper Society, which represents the local press, is proposing a self-regulatory scheme instead and will appeal against the decision last week not to hold a judicial review into the Royal Charter.

The society also said it will refuse to sign up to the Royal Charter, though financial realities may force many regional titles’ hands.