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Rainbow - the link between UK handgun legislation and any change in crime rates is a false one. They may have happened around the same time, but there is no causation there. This is obvious to people familiar with the historical shooting culture and the criminal culture in British cities. The guns that were banned were not kept for home or self defence, they were sporting guns and would never have threatened the people who commit crime, with the possible exception of people burgling farmhouses. Firearms were and are stored locked away, with ammo separate, not for ready use. Changes in crime rates can be explained by other factors, societal, demographic, economic factors.
As sigcurious points out, it isn't a case of under reporting, just of different criteria. Perfectly reasonable criteria, too.
Edit - I would add that as far as I know, violent offences committed with air guns count towards the gun crime count in the UK, so maybe it goes both ways.
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