It's not really a proposal for action - it's a statement of intent, which essentially serves as a) a tool to hurry the PL along, and b) a PR tool for the MP.
For an MP, being able to respond to public outrage by making principled statements ('the purpose of the scheme is not to support the economics of the Premier League clubs') is priceless, because it's free approval for him or her.
I don't think the Chancellor will actually do anything, but this serves as a useful reminder to the players and the League to hurry along in negotiations.
I'm linking it here as an example of how this has snowballed into a bit of a PR disaster for the club, much like how the media is piling in and even our American fans are unhappy. I don't expect the club to listen to the fans, but maybe if they see how bad the PR is, they might reverse course?