That might be true at the moment. But if the government goes rogue, like it did in Russia under Stalin, or Germany in the 1930's, then you might have a lot to worry about. Privacy is about protecting private citizens from the force of bad governments.
I have some reservations as our government does sometimes abuse rules, like that thing about councils using anti-terror laws to snoop on ordinary people, but I think I'd rather be protected from the more immediate risk of crime. Much more likely to get mugged than jailed for insulting our great leaders at the moment.
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