Correct. However, Orwell did not anticipate that the general public would be the ones to have the majority of networked cameras that they could use to keep tabs on the government. I have cameras installed at my home, but I am not just going to share with anyone unconditionally. A string of events would have to occur first before I would even consider sharing specific footage with the local police. I believe anyone else (including in the UK) shelling out their own money would be inclined to do the same (else risk their own footage being used against themselves).
So, in short, yes, everything will be recorded just like Orwell's predicted. However, the economic tendency is for everyone to have a piece of the footage pie and be able to choose when and with whom they share it with.