Mostly a power grab by an increasingly deranged government, with the (mostly empty) threat of terrorism used as a spurious justification.

Actually, though, I'm not overly worried. Any such bill would be strongly resisted in the House of Commons, and most probably rejected by the House of Lords (like the 42-day detention vote).

Furthermore, the current government will almost certainly suffer a heavy defeat at the next General Election, and be replaced by a party which, while far from perfect, does at least seem to value privacy and a minimal state.