Labour are still planning on some kind of law.
A government spokesperson said: "Conversion practices are abuse - such acts have no place in society and must be stopped.
"We remain committed to bringing forward legislation to finally ban these abusive practices, starting with publishing the draft Bill later this session."
Given genderist questioning people like the Lord Chancellor and the Minister for Health are potentially involved in drafting it we shall see what it looks like. It maybe the law will be focused on religious stuff and leave the threat of banning therapy to one side. It may even be we can use the law to target the homophobic trend of transing gay youth. Labour also may be scared of a law which gets them into a fight with minority communities.
Stonewall are attempting to ensure the law works in their favour it doesn't have to be that way.
Labour Women's Declaration and others are pointing out the flaws in advance.
https://labourwomensdeclaration.org.uk/mp-briefing-conversion-practices-ban/
So lets see what happens. Remember the Irish government and SNP couldn't find a way of drafting this kind of law without major drawbacks and gave up.