My gut reaction is that MOT exemption is a mistake and will have unforseen consequences.
I agree. My car would be exempt under the 40 year rule but I'd like to see at least an annual test for brakes, lights, steering, and general safety. I always regard the present test as being good value for having the car assessed by someone independent.
Absolutely, and I see no reason why old cars should be exempt from an emissions check, too. Clearly they can't be expected to meet modern emissions standards, but neither should they be permitted to spew out clouds of noxious fumes due to poor maintenance.
The current arrangements seem absolutely fine to me, and I see no pressing reason to change them at all.
I am deeply suspicious of this 'reducing regulation' pitch. I reckon it's more about setting old cars up for a fall - they are looking for an excuse to say "Look, these things are dirty and dangerous, they should be banned altogether" - or at least to severely curtail the mileages we are allowed to do. Reducing safety checks will increase the likelihood of accidents, and this will give them the ammunition they are looking for.
Remember these are politicians and bureaucrats we're talking about here - and they will be under pressure from motor manufacturers keen to ensure we are forced to go out and buy shiny new cars as soon as our old ones are more than a few years old.