This not a new idea, and it has serious implications for the individual.
We all should know what hackers are like at gathering information. A database of the magnitude that is being discussed would be impossible to police and keep secure.
I'm not one for signing petitions and such but I did sign against this bill some time ago. It now has enough signatures to make a difference, 10,000+, but still more is needed to stop this evil thing happening. Should you feel strongly enough about your privacy, and freedom, why not take a look here
http://www.openrightsgroup.org/.
It most certainly is not a laughing matter as far as I can see. Sorry to sound morbid, but I feel strongly about about being English and free.