The government is to establish "light touch" but "effective" communications regulation to oversee the broadcasting revolution, Tessa Jowell has told MPs

Publishing the long-awaited draft communications bill, the culture secretary said the government will seek to create a single, powerful regulator to oversee a "fast-moving sector".

"There is general agreement that the existing regulatory framework has become out-dated by the rapid changes in technology, markets, and in consumer behaviour over the last six years," she said.

"The communications industries are regulated in different ways by separate regulators, yet they are coming increasingly closer together in their ownership and their operation."

The draft bill is being billed as "proprietor-neutral" - with ministers eager to stress that it has not been focused on the media interests of Rupert Murdoch.

Under the rules, while Murdoch will not be allowed to bid for ITV, the door would be open to the mogul taking over Channel 5.

The bill, dubbed as "deregulatory" by Jowell, will establish an Office for Communications (Ofcom) to replace the existing five regulators.

The government claims the move will create consistent scheme for regulating public service broadcasters, with greater regulation for the BBC and more self-regulation for the others.

But the core responsibilities of the corporation's governors will remain and ministers will have ultimate control over the licence funeded public service broadcaster.

Ofcom will have powers similar to the Office of Fair Trading to regulate the sector.

It will have a new "content board" to ensure that the public's interest is effectively guarded by the regulator. A new consumer panel will also be established.

To liberalise the sector, the government will scrap the rules which bar the single ownership of ITV - although large newspaper groups will not be allowed to bid for the channel.

The government will also sweep away laws which prevent ownership of more than one national commercial radio station.

Trade secretary Patricia Hewitt, whose department is co-piloting the legislation, said Britain is already one of the world's leaders in the communications industry.

"This bill will give companies a better environment in which to develop their businesses in a sector of the economy which already accounts for 300,000 jobs and £12 billion of investment a year," she said.

The shadow trade and industry secretary, Tim Yeo, gave "a cautious welcome" to the publication of the legislation.

But he expressed regret that the restriction on cross-media ownership of ITV would remain in place.

"I remain disappointed that Tessa Jowell has not followed her own logic and fully deregulated media ownership," he said.

"The acid tests for these proposals will clearly be whether they represent a light touch or a heavy hand."