Overzealous interpretation of legislation leads to excessive cost. It feeds the compensation culture. it brings good safety management into disrepute. Its a job creation scheme for town hall petty hitlers!
Health and safetly legislation is by and large well written and well thought out.
However official bodies (and Ofsted is a big offender) make up interpretations of the law which are ludicrous. School trips can't happen because "staffing ratios" are interpreted rigidly instead of allowing schools to decide what staffing ratio might be necessary. A childminder I know was asked by an Ofsted inspector to have a "cat food policy" because of "health and Safety". Theres nothing in legislation which requires this, it was just made up.
So don't scrap the legislation, put the brakes on those local authorities and quangos.