This is already impacting futurology.today - one of the Mods is British, and because of this law doesn’t feel comfortable continuing. As they have back-end expertise with hosting, if they go, we may have to shut down the whole site.
How easy is it to block British IP addresses? Would that be enough to circumvent any legal issues, if no one else involved in running the site is British and it is hosted somewhere else in the world?
It sounds like British politicians are the ones deciding harmful content, no?
So this will probably go exactly how you’re expecting, in the long term.