Thanks Whopity,
I made one mistake: The CAA are not 'choosing' not to issue Licences without a valid Medical, they are complying with Part-Med (that I had not looked at for a while).
For the rest I think we are in agreement. I (and presumably the CAA) do not see a valid medical as a 'qualification', but rather as a pre-requisite in order to exercise Licence privileges.
Possibly more debatable would be the underage case I mentioned since 'Experience' could mean only 'Flying Experience' (minimum hours) or it could mean all experience, including 'Life Experience' (minimum years)???