I would urge everyone who can to sign the petition against it.
This, in my mind is a problem, not because of the obvious costs (ISPs storing _literally all_ metadata for a year), and the insidous privacy concerns, but how bad Govts are at keeping information secure. Below are 3 recent and well known examples of Government Mass Data leaks- this information will be compromised at some point, for profit or espionage.
https://en.wikipedia.org/wiki/Office_of_Personnel_Management...
http://news.bbc.co.uk/1/hi/uk/7449927.stm
https://www.troyhunt.com/when-nation-is-hacked-understanding...
IMHO, trotting out "If you've got nothing to hide, you've got nothing to fear" BS doesn't mean that at some point, that data will be misused, even if the UK (My) Government doesn't suddenly turn dictatorial.