The announcement mirrors similar, high profile projects here in the US, spear headed by the Obama administration. The fine folks at Creative Commons point out that the move also changes the access terms to work in a compatible fashion with a CC BY license. This is a nice offset to the stories of expansion of copyright controls that are popping up with alarming frequency around the globe. Congratulations are in order not just for the relevant parties in the British government but also for the CC folks in the UK who helped make this possible.
The project earns further geek credibility for participating in CKAN, a registry of open knowledge projects model after similar repositories of source and binary code in the FLOSS world. CKAN was established and is operated by the Open Knowledge Foundation and this aspect of the story came to my attention via Glyn Moody.