UK changes in PEL laws will not make "Busking" illegal - they will just mean it will require a license (which street performances/collections require now, in most areas we've come across)

The present licenses (where they occur in the UK) are not the current Public Entertainment Licence, which is to go. These are local ones, most probably by-laws or ones issued for private property, like the London Underground.

However, the new law has the effect of making anyplace subject to the regulated entertainment permission requiring the new Premises Licence.
No one really knows how this is going to work - or indeed even if it can. I am sure that it will only make busking more complicated legally than it already is.

While it may be true that 'begging' may not appear to be classed as regulated entertainment. Calling one's music making 'begging' may clear you for the Licensing Act 2003 but will take you into yet more legislation.....