1) Lord Leveson, in his report, and various High Court judges, have deplored the practice of the press naming persons arrested. They have suggested that any paper that does so should be automatically liable for damages. Extending contempt of court principles to such cases would also help in stopping others from naming, but it's the press that is the main problem. The police's standard practice is never to name a suspect arrested. A person is arrested because the arresting officer has reasonable grounds for suspecting that the person has committed a crime; there may be no admissible evidence to prove it, or the information may be utterly false and provided out of malice, but that does not stop there being reasonable grounds at the time. If they are charged, the CPS thinks a) there is enough admissible evidence to mean that there is a probability of conviction b) prosecuting is in the public interest. Then the person is named.
2) Let's dispose of this nonsense that people will falsely accuse someone famous because they'll get damages or compensation. They won't get any. They could only get compensation if the crime is proved. They won't get an offer of settlement because it could never be in the interests of someone accused to make such an offer and, if the person sues, the defendant would demand proof be established; not to the highest standard of a criminal prosecution, but effectively higher (because a crime is alleged) than the mere balance of probabilities. Of course, than doesn't stop someone making a false accusation ,in hope, but nothing does , unless its fear of being prosecuted for wasting police time