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I suppose if you're cycling around in the dead of night on a full black bike with all black clothes and no lights and you get hit by a car, it sort of is your own fault. If you get hit by a car riding a normal bike, wearing normal clothes, without a reflective ankle bracelet in the day time it's the driver's fault.
It would be hard to legislate that, really, so I suppose a law with some wiggle room is the best way to deal with it.
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Although failure to comply with the other rules of the Code will not, in itself, cause a person to be prosecuted, The Highway Code may be used in evidence in any court proceedings under the Traffic Acts (see The road user and the law) to establish liability. This includes rules which use advisory wording such as ‘should/should not’ or ‘do/do not’.
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https://www.gov.uk/guidance/the-highway-code/introduction#wording-of-the-highway-code