Whilst there are exceptions to the rule, the majority of time the Police are not going to give you a shed-load of grief if you are: not wearing a knife on your belt or round your neck (duh!); carrying other kit that shows you are off to do an activity where a knife might be required (rucksack, tent, outdoor kit, etc); the knife is in the bottom of your rucksack, packed away and not quickly accessible; not in jeans, t-shirt and daps and on the way to the pub; not stinking of alcohol; not presenting a 'barrack-room lawyer' attitude when stopped and questioned, etc.
Once you get to your chosen bushcraft site, be careful around non-bushcrafting members of the public, who don't see law-abiding bushcraft enthusiasts: they see a potential nutter with a knife/axe. It's all about common sense.
I know there are stories of people being stopped and arrested for what we would consider very minor issues and over-zealous enforcement but...the bottom line is that the police are here to protect us (I believe), there is a lot of knife crime, and we need to have a pragmatic attitude.
There are frequent posts on this site complaining about not being able to openly carry knives, the law, 'why can't I go to the pub with an axe', etc, and I'm amazed at some of the things people come out with with regard to 'human rights' and 'everyone had a penknife in the 50s'. Would you say the same about guns? Actually, some of you probably would...
Sorry - you need to get a grip. Welcome to the UK in 2008. Carrying an edged-tool (screwdriver, chisel, knife, axe, billhook, etc) at an inappropriate time and in an inappropriate place is going to get you noticed. You have to engage brain and think about what you're doing and what is appropriate to the situation you're in - isn't that what bushcraft is all about, anyway?
By the way, if you want a rescue knife for the car, don't take your Alan Wood, get something with a covered blade, designed for cutting seatbelts - these cannot be used for stabbing or slashing and can strap to the seatbelt itself.
See:
http://www.benchmade.com/products/product_detail.aspx?model=7
These are excellent for cutting military webbing straps, rope, cord, clothing, etc, and one similar to this sits in my military trauma pack and one sits in the car first aid kit.