From what I’ve read, their plan is to ask foreign hosted sites to obey UK laws (sovereignty much?) and then if the site refuses they’ll contact the hosting company and request that it be taken down (not likely to be worth their while for bloggers, this is predominantly for larger businesses, tube sites etc), if this is not done then they’ll block the site in the UK.
Blocking it will be pointless too, because by that point everyone will be using a VPN to circumvent these ridiculous measures anyway.