It looks like the UK is going to completely ban 'imitation' samurai swords. You can see the video here. It looks like nihonto swords are safe, but wall hangers to nice swords like Furuyama and Last Legend are going to be banned.
Now for my personal opinion. These types of bans, similar to gun bans, will only take the "insert any weapon here" out of the hands of law abiding citizen while keeping them in the hands of criminals. Criminals or crazy people will be able to get a gun/sword regardless of how legal it is... thus making the ban only affect those who follow the law.
It sucks for anyone practicing iaijutsu or kenjutsu. At least they are allowing nihonto swords still in the UK. I am not sure if iaito swords are allowed or not, but wall hangers and decent Chinese swords (Paul Chen, Furuyama, etc) are no longer allowed.