It does reach the low end of the .308 spectrum as far as velocity and energy goes when you compare bullet weights. The Brits max speed is about 200+ fps slower than the .308 Win max speeds. That puts it right around the .30-40 US cartridge, and that does pretty well.
As far as it being effective against dangerous game, yes it has been used all over the world as a hunting cartridge on every type of game imaginable. However, like all cartridges they are only as effective as the hunter using them. I'm sure plenty of polar, grizzly, and even brown bear have fallen to the .303, just like elephant, hippo, buffalo, lion, tigers, leapord, and crocodiles all over the British colonies did as well.
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