Of course it is "consistent with privacy and civil liberties standards" because US law doesn't prevent US agencies from spying on UK citizens and vice versa.
#^A data-sharing agreement between the US and UK is now in effectAs of today, a data-sharing pact between the US and the UK is in effect, five years after it was first floated. The two sides claim that the Data Access Agreement, which was authorized by the Clarifying Lawful Overseas Use of Data (CLOUD) Act in the US, will help law enforcement to combat serious crimes in both countries. The Department of Justice called the initiative the first of its kind, adding that it would enable investigators "to gain better access to vital data" to fight serious crimes in a manner that's "consistent with privacy and civil liberties standards."