Its not going to help the England team at all. It will give young players more of a chance of breaking through at some clubs, but you could quite possibly still end up with a squad completely full of foreigners. If you look at our own team, in a few years time, we'll have Rafael, Fabio, Macheda, Petrucci, Ljaljic to name a few who would all be able to be part of the 8 home grown players, yet not one of them is British.
The only way it could eventually end up promoting British youth, is if UEFA decided to make any rules on the transfer of foreign youngsters below the age of 18.
At current, it seems an almost pointless rule as it pretty much changes nothing