Some more flaws
for Matt "back of an envelope ideas" Hancock MP to consider. Firstly you can only get a credit card if you're 18 or over as far as I am aware, so that would mean all UK children not being allowed onto all these sites (the list of those which need controlling will of course grow at an exponential rate as lots of proxy type sites spring up to circumvent things, and tabloid newsapers go into overdrive identifying "shocking new threats to our children on the internet" every day). Secondly, if you haven't got the good credit history needed to get a card, well I suppose it's goodbye internet for you un-prosperous scum. Same thing if you don't want to pay for one too I suppose.
The only thing we can guarantee is that these sort of ideas will completely fail to keep kids off the places he wants them to be kept off, make life a pain for the entire adult poupulation online (businesses also), and be the start of the famed slipery sloe towards full on government censorship that we know in their heart of hearts they would love to impose. And that they'll have the nerve to keep blathering on about wanting the UK to be a "hotbed of tech innovation" as they screw it all up, invest nothing to make it so and the rest of the world laughs.