[brando]

It seems clear that those individuals who want to fire military weapons should join the TA or the Army, while those who wish to fire weapons without being shot back at should submit to stringent controls on where and how guns are stored and fired. No usable weapons to be stored at home (except for farmers' shotguns) and detailed usage lists to be kept strictly up to date at gun clubs. Ammunition expenditure to be more firmly regulated, and random body searches used to back up these regulations.
In reality though, with the presence in our country of committed jihadists and serious criminals, storage of lethal weapons and ammo at gun clubs would be hard to enforce and maintain. Many small armouries were closed at the time of the Troubles when the IRA were abroad on the British mainland - and no doubt the authorities are more than happy if they don't get re-opened. Proper regulation would require a significant input from a national Police force that is absolutely strapped for cash and already involved in dealing with criminality. They don't need to be diverted to service a handful of gun-owners.
What they do need is more weight to the laws governing the possession of un-registered firearms. I'd be happy to see a mandatory life-sentence become the penalty for carrying any handgun, with the penalties for trafficking or converting firearms and/or supplying ammo being of similar or even more stringent severity. People can rabbit on about human rights and personal freedom, even the statistics of death in former wars and the rise of "first-person shooters", but try explaining that BS to the relatives and friends of those dead from gunfire.