As it should be. Child abuse is an incredibly serious allegation, and one that any business or social rival could use with extreme effect.
The bar should be placed high. If that's an unintended byproduct of the moral panic that people have created, hard luck, they should have thought of it. No sensible media outlet is going to go after high profile living people - and why should they, it is a police job.
I wonder if Lord McAlpine is going to sue the gent. He would certainly win.
Hence it is easier to throw mud at the dead, who make nice big targets. - like Cyril Smith.