From today sound recordings and performers' rights in recordings have increased from 50 to 70 years.

Does this mean all the compilations that appeared on CD and more containing pre-1963 material, e.g. Love Me Do, Shadows Hits, Hits of 1959 et al are now back in copyright again?

No. The law applies only to masters which are currently protected.

This is such bad news - the record companies will simply continue to sit on 99.9% of this legacy product and do nothing with it, doing no good whatsoever.

At least the old Public Domain rules made it easy and affordable to catch up on old music, especially series like the "British Hit Parade" collections, which were doing an amazing job of compiling every single British hit year-by-year, now that old music is just going to be (even more) forgotten...

JK, how do you feel about this? "Everyone's Gone To The Moon" would previously have gone into PD on 1st January 2015, are you really going to be much better off because it isn't?

Yes because it's mine all mine! Self rules I'm afraid.