Can someone please explain the importance and significance of the Leveson Inquiry in layman's terms?

[Ymba]

Just that as my title. I keep reading about it and seeing it discussed on news channels but I can't seem to really grasp why it was started and what the implications will be once this report is released; sometime this year (April?). Sorry if I sound like an idiot missing something truly huge but what's it all about?

I think you are confusing two separate inquiries.

The Leveson inquiry was set up following the telephone hacking scandal to look into the way the press operates. It reported in November 2012 recommending a new system of regulation for the press. The government tried to set up a new system but the press has ignored this, choosing to set up its own alternative system.

The Chilcot inquiry is due to publish its much delayed report this year. The inquiry looked into the UK's role in the Iraq war. Many people think that it will reveal that Blair deliberately misled the nation and declare that the war was illegal. I have no inside information but I suspect they will be disappointed.