Any step towards a UK without a data protection law would require the UK to withdraw from the Council of Europe and its European Convention of Human Rights (ECHR), something that Mrs. May has categorically stated will not happen under her watch as Prime Minister.
But it is a personal ambition of hers:
http://www.dailymail.co.uk/news/article-2722361/We-pull-Euro-human-rights-rules-May-tells-PM-It-s-way-rid-foreign-criminals-says.html