As the article mentions, UK agencies have always conducted intense snooping under the 1984 Telecommunications act (spying suggests some target or objective in mind when what's happening is really just hoovering up data on people, 'just in case it's needed'). The 1984 act was a useful fig leaf to cover what had been a long-standing activity (as witnessed by the preposterous Wilson Doctrine to supposedly protect MPs from the snooping that everyone else was subject to).

The UK Government loves making supposed legal rules for what is essentially a no-holds-barred snoop-fest. Any legislation which would limit what are, in effect, unrestrained powers, are neutered. e.g. The Data Protection Act has blanket exclusions for "prevention and detection of crime" (handy for snooping employers too!) and the Protection From Harassment Act specifically permits law enforcement bodies to harass people without the ability of people to seek redress [that bill itself was initially a device created for Huntingdon Life Sciences to have a way to deal with animal rights protesters (which was a real problem - no matter where you sit on that issue); it's since been usefully pivoted by those being harassed by debt collectors to turn the tables and gain compensation, so it's not all bad.[1]).

This new law will do nothing to protect UK residents, nor anyone unfortunate enough to have any data transiting UK routing nodes, where their data is recorded by bulk surveillance.

The pretense that something is being improved or balances and safeguards of peoples liberty are somehow being created, is insulting.

[1] http://www.lawgazette.co.uk/law/torts/49567.fullarticle