I carry a Leatherman juice Xe6 most of the time on my belt, it along with the cell phone and sometimes my mini camera, and sometimes the ledlenser, and oh most of the time my zippo, depends what I am upto, but what I have found out, is nothing is a problem unless it is on display. Display a thing people will notice, including a bored plod keeping out of the way of obvious criminals. So that being said, I tend to wear smocks of various types when out and about, they extending below belt level effectively hide the goodies. Now, it is my thinking, if you appear to be minding your own business, don't look aggressive and are not displaying valuable and attractive objects, you will be invisible to anyone on the look out for something to steal, or something to make a point about.
But when I have the need to carry a fixed blade, be it the billhook, or the Mora, it is sheathed, wrapped in cloth and carried in my side bag, as my interpretation of the law as it stands, is I am not carrying what could be seen as an offensive weapon on my person. But, when I am fishing, stuff the law, I wear the orange handled frosts rescue knife, as entanglement in line at the waters edge is a real possibility, and my teeth are not good for chewing through line.