British libel laws are trash, but that's mainly because they exist to serve the rich and lawyered. They don't for example, help innocent poor people being attacked by media empires and their hired goons; but they will help secretive organisations of quacks clamp down on dissent.
But is there really much of a way to make it work any differently, in practice? The rich and lawyered are likely to always exist, and always be able to take advantage of those laws more than the less privileged.
Alas that is the risk, but I would prefer to find ways to make the justice system less reliant on those flush with $$$$; rather than just giving up protecting the innocent from public defamation.
Lawyers should be made into civil servants paid by the State on the basis of an assessment of their talent (but within reasonable limits) and randomly assigned to a defendant (although with conscience objection clauses).