You’d need a reason for having it, unfortunately I wouldn’t trust the police to make the right call should they be presented with the opportunity.
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(Scottish laws discussed here… ) Technically its not wholly upto the Police to make that choice, although there is always elements of discretion (more on that later). If it falls under the illegal category (locking blade etc) then by the letter of the law, if your in a public place, you can be arrested for it … doesn’t matter what you say, you can technically be arrested, end of. The wording is basically, illegal to have without reasonable / lawful excuse, proof of which shall lie with them …
That proof of reasonable / lawful excuse happens at the court … not in the street by the officer. I have had a case where I have arrested a person for possession of knife out in the street in the late evening where it was in his back pocket. It went to court, and he presented what the sheriff considered a reasonable excuse. I wasn’t faulted in my action, but it shows my point that the proof which lies with him happens at the court stage, and not a decision of the Police at the time.
All that being said, there is always discretion and everything in its circumstance. If you’re out and about hiking, mtbing, climbing or somesort of activity where as part of your kitbag you have stored in your bag a multitool which has a locking blade then is that really going to be an arrestable offence … no not really. Are you using it / possessing it in a manner which is likely to endanger others? no. Equally, walking across a campsite with your dishes for washing.
That being said, strolling down the high street out on the lash getting drunk with your mates with the same locking blade multitool in your back pocket is not really acceptable, and could quite conceivably get you arrested.