Not such a good thing
So this is going to be an IWF style arrangement then? That's better than putting the government directly in control, but assuming this is still something end users get no choice in, serious issues remain.
First of all, who makes the list, and who will be allowed to audit it?
Second, how do they define child abuse? Do they mean child porn, or are they using the Aussie definition that includes drawings of Bart Simpson, videos of acrobatic Russian circus babies and women with small breasts?
Finally, wasn't one of the big criticisms of the filter that it would slow down the internet? Does that change just because they're blocking less content? I don't know if the UK's internet is slow or not, but I do recall IWF screwed up Wikipedia and the Internet Archive on separate occasions.