That is absolutely right. The minimum access cost will be £50, which means that everybody has access to justice at low cost. There is more to it than that, however. Some people argue that the £60,000 limit on damages is too low, but the arbitration scheme does not stop somebody going to court, so there is access to justice where damages should be higher. The arbitration scheme is an addition to, rather than a replacement for, going to court. It introduces a robust and fair system that is easy for everybody to access, so everyone can have access to justice.
The section 40 amendments would, ironically, have the opposite effect, because anybody with the means to take small newspapers to court could stop them publishing stories for fear of having to pay the costs, even if they get everything right.