AOG Jake is correct on the law. And if you're wondering about 'wasting police time' the maximum penalty was only 6 months but was raised to 51 weeks by the Criminal Justice Act 1982, not like the years possible for 'an act tending to pervert the course of public justice', and a prosecution for the offence of 'wasteful employment of the police', as it's properly termed, requires the consent of the Director of Public Prosecutions. There's no evidence to support a charge of incitement to racial hatred because what this man is said to have done, as reported in the link, doesn't fall within the offence.
Why would you want this man prosecuted for an offence that only gets him less than a year maximum , anyway? He can get far more for what he's been arrested for, and more than for the impossible racial hatred offence.