I take exception to that. I am "British people" and consider the proposals outrageous.
The only ray of hope is the reasonable test but that can only be decided in court. That makes this very poor legislation and hopefully struck down in The Lords on that basis if not for any other reason.
This is going to make life very hard for UK security companies and researchers. Suppose you find a backdoor in router code. Do you disclose the problem, or not? That backdoor just might be the Official GCHQ Backdoor, and you're in danger of harsh UK prison sentence.
Nothing to see here folks, move along, move along.
Edit: I see this as expression of huge fear about possible conspiracy. The question is: who they think are the conspirators.