Dreams on the Bitface

Incidentally, I'm not entirely sure that your contention:

The bill grants ministers the power to create, modify or strike down laws; and to introduce offenses carrying prison terms of up to two years.

. . . is accurate.

Provision under section 2(1) may not create a new offence that is punishable,
or increase the penalty for an existing offence so that it is punishable—
(a) on indictment, with imprisonment for a term exceeding two years; or[ blah]

could be read like that, but could equally mean that no new punishable offence can be created, and furthermore maximum sentences for existing offences can only be increased across those lines under some circumstances.

Someone who understands interpretation of laws could tell us which. I'm sure it's completely clear if you understand these things.