I'm still reading into it but this seems to be another step of the UK-Gov to further attack the privacy of their citizens and to circumvent EU privacy laws.

Short section of the article:

It would authorize the UK government to issue political directions to the UK data protection body, the Information Commissioner’s Office, the groups say. And it would enable the sharing of European personal data to other countries with reduced protections.

And as it seems (not suprising), the UK already has applied to the APEC-Framework Cross-Border data transfer:

The UK, the groups observe, has already applied to join the US-backed Cross-Border Privacy Rules Declaration, which allows international data transfers under the arguably weak Asia-Pacific Economic Cooperation (APEC) Privacy Framework.

Bill Law text: https://www.gov.uk/government/publications/data-protection-and-digital-information-bill-impact-assessments/data-protection-and-digital-information-no-2-bill-european-convention-on-human-rights-memorandum#summary-of-the-bill

Open letter against this bill: https://peoplevsbig.tech/open-letter-to-the-eu-commission-regarding-uk-s-data-bill

Edit:

• Added EU to the country tag because it also concerns EU citizens.
• Added the APEC section