They're saying after you've been accused x times, you go to jail. I think they missed a few steps.
And for that reason alone, there is absolutely no chance this is going anywhere.
No British government is actually going to pass a law saying you can be sent to jail without having your day in court less than a year before a general election. They get enough flak for pushing in that direction with terrorism-related laws that are only used against a tiny number of people in practice, because of the principle and the risk of later abuse, and that's a subject where a significant fraction of the population will give them a free pass for one reason or another.
Even if some British governments might try anyway, the current administration is a coalition, with a junior partner desperate to prove they are still politically relevant in the face of potentially being wiped out for a generation at the next election. A juicy civil liberties debate would play right into their hands.
And even if they did somehow manage to pass such a law, the chances that it would stand up to the inevitable human rights lawsuit the first time anyone actually tried to use it are slim to none.
This is almost certainly just a relatively unknown MP trying to make a name for himself in the run up to the aforementioned general election. In this case, he's pandering to potential donors from Big Media, possibly because there are finally some changes coming into force that make copyright laws (marginally) less anachronistic in the UK and Big Media inevitably don't like them (despite having managed to water them down to being almost meaningless anyway).