The UK law requires that you make the encrypted data intelligible. Since you have encrypted data there's a pretty good chance you have the software to decrypt it. "They" don't want the password, they want the data.
Failing to make the data intelligible (whether that's failing to provide the passphrase or whatever) carries a 2 year prison sentence for some people, with possibilities for a 5 year sentence for others.
tl:dr - this does not prevent law enforcement from getting the password.
Also, using this to guard against rubber hosing is stupid. People prepared to use torture will do so, whether there are laws preventing it or if it's going to provide any useful evidence or not.
---- EDIT: META:
Extremetech articles are really lousy. The self-posting by the author of a poorly written article is a problem; the heavy ad load is another problem, but I find it hard to believe that there isn't a vote ring up-voting these lousy articles.
A quick glance shows that about 90% of Mrs Ebastian's subs are to articles that they've written, for their employer.