I've read this a few times and as far as I can see there is no reason legal or otherwise for me NOT to carry my leatherman wave on my belt.
Am I right or just not reading correctly?
There are two laws that could be used against you for this.
The first is case law - Harris v DPP. The Leatherman Wave is a lock knife, it's not illegal per-se, but following "Harris" all lock knives are now viewed in law as being equivalent to a fixed blade knife. So carrying your Leatherman Wave, is no different in legal terms to carrying a Frosts Mora. That means when asked, you must give a police officer a good reason for having it on your person. If the police officer agrees that your reason is a good one, he will let you on your way. If he does not agree your reason is a good one, he can arrest you for possession of a bladed article contrary to section 139 of the 1988 criminal justice act. The obvious problem with this is that some officers will agree with you and let you go, while some officers wont. It's a judgement call on the part of the officer.
The second law you could fall foul of, is the Prevention of Crime Act 1953. This states that...
Any person who without lawful authority or reasonable excuse, the proof whereof shall lie on him, has with him in any public place any offensive weapon shall be guilty of an offence.
In this section 'offensive weapon' means any article made or adapted for use for causing injury, or intended by the person having it with him for such use by him or some other person.
Obviously a Leatherman wave is not an article made for causing injury, nor is it adapted for causing injury, but it could be
intended for causing injury.
This law can be applied to any knife or any object at all. So even if you are carrying an otherwise perfectly legal knife - say a swiss army knife - you can still be arrested for carrying an offensive weapon. However, the police have a very difficult time proving "intent" because they need to show what is in your mind. They usually do this, from the context of the arrest and/or your actions and words - or from a confession "It's fer self defence mate" etc. But ....if the context is benign, you are not agressive or threatening in any way and nobody has had cause to feel threatened by you and you have not made an impromtu confession, this becomes almost impossible to prove.
To complicate matters, if the police have arrested you for possession of an off-weap, but on closer examination realise that there is no evidence to convict you of this, they may offer you a police caution. This gets you home for crossroads, but it comes at a price. What people dont realise is when they get "let off" with a caution, they have to sign a piece of paper "accepting the caution" - which means you are accepting you are guilty - even if their is no evidence. This caution then remains on your police record indefinitely - and would show as "cautioned for possession of an offensive weapon" on a CRB check. You absolutely were in possession of an offensive weapon (because in your eagerness to get home for crossroads, you signed to say you were guilty when you accepted the caution) and you therefore cannot later argue your innocence. So if you are ever offered a caution for carrying an off-weap - REFUSE IT - unless of course, you actually were carrying it as an off-weap, in which case a caution would be getting off lightly. If you refuse the caution and the polce have no evidence, then there is no crime and the police will have to let you go - and return your knife to you - though it may cost you 24 hours in a cell while they think about it - a small price to pay IMO.