Great...Until VPN services are blocked too.
The moment you put in any back doors or monitoring tools for one person, then it WILL be leaked and used nefariously by people that should most certainly NOT have access to your private or business data. Do you realise just how much value there is in the tech industries private business data alone? Any business of worth will leave the UK leading to a massive drain of talent and resources. There goes one of our "rising industries".
Don't even get me started on the concept of blocking content with a China style great firewall. It does and WILL go wrong by erroneously blocking innocent businesses, not to mentioned hideously slowing the Internet down and causing all sorts of errors and breakdowns.
All that will happen is people that want to remain private - will find ways to still remain private.
After forcing through the unsuitable Snoopers Charter May won't be happy until she's blown your privacy wide apart and turned us into 1984.