All,
No axe to grind, no insults, nothing like that. However, I think my post (178) got lost in all the banter.
As bose suggested, I had previously contacted FAQ then Olympic airspace, and they confirmed to me that microlights would need a transponder installed to fly in the restricted airspace, EVEN if only doing circuits. I can PM anyone who wants a copy of the email.
That's not my opinion or interpretation, but from the horses mouth (or other parts, depending on what you think of this legislation)
Ta. IPZ