The law will still require ISPs to log every website visited by every UK internet user for a year, and allow police and intelligence officers to interrogate this data without a warrant.
Meanwhile the security and intelligence agencies will be allowed to continue their bulk intercepts and collection of bulk communications data (i.e. collecting everything, whether you're an MP, a doctor, a lawyer, a trade unionist, etc.)
Of course there's nothing wrong with this because the intelligence agencies are trustworthy institutions who wouldn't do anything unlawful... [1] [2]
[1] https://www.privacyinternational.org/node/482 [2] https://www.theguardian.com/uk-news/2015/feb/06/gchq-mass-in...