This looks interesting
It seems like a very good compromise, but I have no idea of the tech stuff behind it or how it could be subverted. On the face of it, it does seem good.
I guess I'll wait for UK Gov's reaction. If they don't like it, it's likely that it is because they can't use it to further the surveillance state they are desperately trying to push forth - which would mean that it is indeed a good solution.