I think the main reason why hunting with dogs isn't such a great idea nowadays is that you'd trample over farmlands (and nature reserves, etc.) in the process. IIRC deer hunting with dogs was intensely disliked by farmers for that reason. In the case of Britain, that is of course exacerbated by the size and structure of the country.
Also, I think reintroducing the wolf to Britain is very low on people's lists of priority right now. It's also doubtful whether there would be economic gains to it, because in between eating muntjacs and other introduced or feral pests, wolves like to snack on sheep once in a while.[/QUOTE
But hill farmers can't make money from sheep these days anyway, so they are irrelevant by their own complaints: changing to providing bait for tourists to see wolves might well be their economic salvation.
John