My understanding is that Best Before dates mean a product is at its best when used by the Best Before date but may still be used after that date. However, there may be a reduction in quality, effectiveness and/or flavour if used after the given date. Products may be sold at a reduced price after the BB date.
To me, Use by means that the product should be used/consumed by the given date and the product cannot be sold or given away after the given date. Obviously a consumer may still use the product after the Use By date but at their own risk.
I will happily buy products such as bread and bakery items (unless they contain fresh cream), fruit and vegetables that have passed the Best Before date or on the Use By date.Similarly, if I have those kind of products at home I wouldn't throw them out just because of the date - I would check a product for signs that has gone off or is stale; if still ok I would either cook and freeze (e.g. fruit), freeze (e.g. bread) or use up the product within a couple of days. Some products are down to personal preference - I won't eat bananas once they are soft and prefer them when the skin is just turning from green to yellow, whereas my dad would happily fry a banana that was quite mushy and the skin was totally black. I suspect the Best Before date was somewhere between the two.
I am far more wary of the dates on meat and dairy products. When I have my weekly shop delivered, I freeze any raw meat that I'm not going to use within a day or two, as I don't want to waste it by leaving it in the fridge and missing the date. Similarly, I will not use cream or cheese beyond the Use By date. Admittedly, this is partly down to my perception - if I know the cream is perhaps a day out of date, I convince myself that it tastes different/off, even if that is not really the case.
If I purchase raw meat on its Use By date, i will happily cook the meat that day and eat it a day or two later. I'm quite happy to eat meat that I have cooked and has then been stored in a fridge up to about 4 days after it has been cooked.
I would happily consume tinned, dried and packet products that are beyond the Best Before date, This is because I trust my instincts to know if these items don't taste right and, in my opinion, they are unlikely to do much harm if consumed beyond the date.