Muir, my (very possibly incorrect) understanding of the origins of the legal situation we have in England and Wales (basically the 1966 Deer Acts) was that it was rightly decided to put a legal framework into place for shooting deer. Going back to Victorian times and early breechloading cartridges a variety of very low-power .30-cal BP and early nitro cartridges had been regarded as suitable for culling 'park deer', and then of course some people who ranged from simply careless / stupid to poachers / criminals had used whatever they happened to own on whatever was unlucky enough to cross their path.
The 'experts' (by which I assume primarily BDS, but maybe not) who were consulted on the issue pre the '65 Bill being placed before Parliament basically adopted the view that the then relatively new .243 Winchester cartridge should be the baseline that the legislation would be based upon in this respect. There was (is!) a problem in that Winchester, to put not too fine a point on it, lied about the cartridge's performance and the 1,700 ft/lb ME floor adopted wasn't actually produced in a lot of 243W loads in a typical (22-24") barrel length as opposed to some ludicrously long SAAMI spec test barrel. On the basis of the 243 being 'suitable' (I say this advisedly not being willing to get into what is really suitable or not and getting my head bit off!), 1,500 ft/lb ME would have been a more accurate minimum ME.
But then ..... even before Dunblane and the subsequent pistol 'ban', handgun hunting was never legal in the UK unlike North America, and the mere concept of bowhunting, also legal your way, would cause a lot of people here to choke on their 30yr old malt whiskies!
Meanwhile, the Scots (who have a separate legal system from the Sassenachs, its independence jealously guarded) decided for reasons that I've never seen explained to go down the same road but have a separate bunch of criteria which makes it perfectly (and sensibly) OK to shoot a roe deer with a 222 Rem rifle on the north bank of the River Tweed, whilst doing the same thing 150 yards and a rowing boat trip south would put you into a bunch of trouble, but which needs more legal velocity to shoot a red than in England making the British Empire's .303 illegal in most loadings at a stroke.