We have freedom of speech except we don't?
What has Freedom of speech got to do with anything? Freedom of Speech guarantees that you can speak, it doesn't guarantee no one will listen.
I'm pretty sure that would be against the EU human rights act policy, with invasion of privacy laws definitely being broken.
I doubt it does, but that's not my concern here. My concern is that - if there's any truth to this - our security services could be lulled into wasting their time sifting through completely and utterly unmanageable quantities of data that they can therefore make no practical use of. They already have the legal right and ability to intercept transmissions when they have some kind of information to go on. I can't imagine why they would want access to vast mountains of data without that initial lead, because without it, there's no way to make it useful.
Going on past legislation in this field, of course, they probably don't want it.