The paradox of intolerance: tolerating intolerance immediately results in an intolerant society.
There are various paradoxes and limitations inherent to a socially liberal society (not including the obvious issues of capitalism) that have been exploited by billionaires, fascists, strongmen, religious nuts and many others.
The US has always got the dollar-as-global-reserve-currency out of its military spending, which is a large part of how post second world war America accrued a huge portion of unearned global wealth. Trump, those that voted for him, and those that spent decades creating this situation for personal enrichment are rapidly hastening the end of this situation.
The question is do you want serious cyber criminals, and whatever authoritarian government shows up at some point and starts tearing up the already increasingly authoritarian UK rule book (hi America) to have access to all communications? Should they have access to journalist’s sources, and other activists’ communications? Should cyber criminals have access to all financial data?
You don’t get one without the other. Encryption either works or it doesn’t. And you can certainly assume that dedicated nation state actors (who will and do work with people that do not want a liberal open society in countries across the world including the UK) will quickly develop the capability to circumvent any exploitable encryption.
In this case the increasingly authoritarian/data-totalitarian UK government and secret services has been trying to do it in secret. They want their eyes on everything at all times and damn the consequences for an open society. They sure are doing their bit to end the 20th century idea of a free, open, tolerant society I grew up being told existed.
Then again, I watched some sort of parliamentary enquiry more than a decade ago where somebody from gchq nonchalantly admitted they abuse UK citizen’s human right of privacy as a matter of course and everybody in the room just shrugged. It caused no ripple at all in the press. No doubt the likes of gchq face all sorts of threats we the public are not aware of, but they appear to operate with no checks and balances whatsoever, and they are playing right into the hands of extremists who want to see the end of an open society in order that their extreme views become more acceptable.
It must be said that personal privacy is a cornerstone of a civilised society. You either have that or you don’t. For many people, particularly those that pay attention to this stuff, we have already gone too far. There is a lot an individual can do to mitigate the intrusion of US tech corporations, but destroying encryption, in a world where so much can only be done online, affects everybody regardless of personal choices they have made. To try and do it in secret is even worse.