Absolutely this. You can carry a 'folding pocket knife' with a blade less than 3 inches long without good reason or lawful authority. note that locking blades are illegal irrespective of length. I carry a Leatherman Core which has a locking blade of close on 4 inches on my belt but would never carry it out of work. My 'good reason' being a police officer in uniform. Out of work I have a small Swiss Army Knife which floats around my coat pockets and to be honest all I every use is the screwdriver and the corkscrew.Might not be applicable, depending on use and carrying, but may be prudent to consider locking/non locking blades as UK knife law is a bit fcuking **** about blades.
My leatherman is a Gerber too strangely enough