It is shocking. There are a couple of things that annoy me about this:
1) that they snuck it through in a bit of legislation that is to do with enterprise and has nothing to do with copyright.
2) that they think it will generate money for businesses, when it's more likely to be to the detriment of UK photographers
3) that it will make it harder to claim an original photo as your own if you see it used by someone else.
BUT, it's not that you automatically lose your ownership, but you lose it if you upload a photo without metadata or a watermark. So anything uploaded straight from your phone to Twitter, Facebook, Instagram, etc wouldn't have metadata so would count as an "orphan work" and a company could take it and use it (provided they did a "diligent search" for the owner).
So long as you put correct metadata in your photos (there are apps for phones to do that) and it's easy enough to do on a computer, you should in theory be ok.
However, time will tell how it works and who suffers and if it somehow gets squashed in parliament.
If you want to do something about it, take a look at this website:
http://stop43.org.uk/
