Theresa May doesn't understand the law as it already is
IP addresses are held already for 12 months: http://www.legislation.gov.uk/ukdsi/2009/9780111473894/schedule. Item 13 in the Schedule.
If small ISPs are not holding on to that information it is not because of a defect in the current law but because the Home Office / Police haven't asked them to do so.
Similarly all mobile phone companies already hold one year's records not only all calls and SMSs you send but all your locations for so long as the phone is switched on.
These are powerful types of communications data that are already available to the police (and very important they are too) and which are very unlikely to be affected by any future technological change.
Large numbers of decisions currently being made by the Home Secretary, starting with reducing police budgets by 20%, are easy candidates for "putting lives at risk"
The aim of the Bill is to get ISPs to collect information from all of us for potential future use which is not necessary for their business and which is outside current definitions of "communications data". That includes web-based email, Facebook and other social networking, google searches, and skype-like services.
This, the Home Office says, will cost the tax-payer £1.8bn over 10 years., £180m a year. The police only get £28m in real new money out of the Cyber Security Strategy