It depends on your application.
How far do you shoot?
How good are you at making and compensating for wind calls?
I know Skinny agrees and depending on the application, i agree.
Depending on the caliber and application...going with a shorter barrel will not hurt you.
For example.
Skinny is running a 22-250 at 18" and for predator hunting with an emphasis on film work...there is nothing to lose. It's an absolute hammer at any range that we want to get film footage.
Predator hunting footage beyond 400 yds is not as action packed as it is inside 200...and his skills with calling predators suggests that there is no reason to take shots beyond that range.
Another example.
I built a match rifle this year in a caliber that most would consider a serious barrel burner. It's a 6x284 shooting Berger 105 Hybrids from a 19" heavy barrel. Typically a caliber than can approach 3400fps with typical barrel lengths. However, most matches restrict velocity to 31-3200 fps.
The purpose of the rifle was the keep the velocity at or slightly below that speed in the shortest barrel possible.
With a .17 caliber...if you plan to push the range limits at all...it may be better to keep the velocity, even though the BC will ultimately handicap you in the long run.
If you keep your shots inside the range that you still deliver effective impact energy...then it's imperative that you know your wind drift.
I have a 25" 7mm that I run suppressed for long range work and open country hunting, so the barrel length is of no concern.
I have a 19" that will be used for predators and currently use for matches and can still achieve excellent velocity and ballistics due to the caliber choice.
It really depends on the application. You've gotta realize, that "accross the pond"...they don't hunt like we do very often.