Who let the data out?
> ... data to be secured between just the device and a home hub
So all this stuff will be routed through the home's internet connection. That makes it a trivial task to simply block it going out at all. It does seem that until someone (a vested interest no doubt, but vested in what, precisely?) can answer the question: why should I give away all this information about my household? there's nothing in it for me to let this data go back to where ever it is being sent.
Sure, I can see that there is a possibility, but only a possibility, that I could get a discount on my utilities bill if I allow smart reading of the various meters - or more likely a penalty if I don't. But after that: who cares?
What do I gain if a lightbulb tells someone "Hello, I've just been switched on" or if the kettle squeaks up "this is the third cup of tea this hour!".
Just because something becomes possible, that doesn't mean that it will be adopted. Unless I can see a real, tangible benefit TO ME for all this data that would counterbalance the disadvantage it would put me at , I can't see why I should let it pass.