Its not what should happen with a new car but it shouldnt surprise you given the comments you all make about Morgan build quality.
Its not a safety critical issue and it doesnt impact on the cars driveability. Something the driver can get round easily whilst Morgan work out a solution, rather than mount the high horse as some seem to want to do.
"It's not a safety critical issue" I think at MOT it would be

I'm sure holding that Cossie engine on the clutch whilst at a standstill on a hill must be great fun without an effective handbrake. All part of the Morgan Experience and a snip at £60k
I totally agree with all comments that MMC are the culprit in this thread. However i cannot agree with those who suggest that you can't drive without a handbrake. I NEVER use mine, i am happy to balance the throttle & clutch on any hill start, or elsewhere when driving. NEVER use hand brake to park, the 2nd gear is fine, and if on a steep grade, turn the wheels into the kerb, never fails, all very much common sense.