I would disagree with the statement "most respected undergrad chemistry courses in the UK are 4-5 years" Oxford may do it that way but a lot of other highly rank uni's do not; Imperial where I completed my PhD did 3 year degree's followed by 3 year PhD.
Sorry I meant "The most respected..." i.e. longer courses offered by the top institutions (of course including Imperial) are held in higher regard.
E.g. Imperial's courses starting this year are:
Chemistry (F100) 3FT Hon BSc
Chemistry (F103) 4FT Hon MSci
Chemistry with a Year in Industry (F105) 5FT Hon MSci
Chemistry with Med Chem & a Yr in Industry (F125) 5FT Hon MSci
Chemistry with Medicinal Chemistry (F124) 4FT Hon MSci
Chemistry with Research Abroad (F104) 4FT Hon MSci
Most PhD students I've met have done these longer courses rather than a 3 year one.