Google's IP Protection means ISPs will no longer have visibility of data via an IP address whist leaving Google with the ability to monitor and process data at all times
It would be easy to be fooled by this but it's a non sequitur for one, and also this is the UK government we're talking about. They routinely pass laws that infringe on our privacy and persistently try to restrict citizens from e.g. watching porn that they don't approve of.
The UK has been a surveillance state for a long time and this move from Google is a spanner in the works of their grand designs to turn British Internet into a walled garden.