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Yep, under UK law carrying any lockable blade in a public place is illegal.
But it is a defence if you have 'good reason'. The eg of needed a knife for work is a good example often used. It's not the only one though - camping, taking a present home, etc.
In your eg of stopping off at the pub, you could probably do a few things to evidence that you use it for work and don't plan on anything else - putting it in the glove box of your van or in the bottom of your work bag as opposed to on your belt.
Ultimately you just need to ask yourself the same question a magistrate would, 'do you need something more than a sub-3" folding knife'?
hugo7-
Yep, the onus is on you to prove to the police / court that you have good reason. Point being that the onus is on you. If as a carpet fitter with a locking knife you stopped off at the pub for a swift coke (because you're driving) your knife was in your van or toolbox it's highly unlikely it would ever be discovered.
However, if it was in your pocket and your defence was 'I forgot it was there' then that may not wash. People forget there's a large amount of common sense involved where the law is concerned.
VanUden
Yep, under UK law carrying any lockable blade in a public place is illegal. You can have something with you for work, so say for example you were a carpet fitter and you had a Stanley knife with you while travelling home from work - you could prove that it was legitimate.
However, it has to be straight from home to work so if you stopped off at the pub for a swift pint on the way home and got searched you could get done.