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Picard
I'm not going to defend the Highway Code, which in many respects is very poor, but note that the full rules for roundabouts are here:
http://www.highwaycodeuk.co.uk/roundabouts.html
Almost all of these rules also apply to cyclists. You've only quoted the (admittedly ridiculous, and it certainly shouldn't exist, as it is very bad advice) Rule 77.
There's a well-established ritual now that every few years, cycle campaigners have to fight a rearguard action against these rules being made even worse. The CTC is much to be commended for its excellent work on preventing this.