If installed correctly with appropriate signage, I would yes.
You have a duty of care to anybody that enters your property, so there is potential you could be liable if someone is injured while trespassing.
However, if someone is climbing over an 8ft wall or fence to gain entry to your property I would that is beyond accidental trespassing and you have a right to protect your property.
Local authorities have the right to ask you to remove razor or barbed wire if it's in an area which they feel could cause injury, normally when installed adjacent public access and footpaths, in some cases even if it conforms to Section 164 of the Highways Act 1980.
On the other hand there have been court cases where the council has ordered wire to be removed and the homeowner has been allowed to keep it.
In essence avoid or use other methods if at all possible, if you do install keep within the guidelines of the Highways Act above, make sure it is clearly signed on the wire and on the fence, that it is installed completely on your side of the fence, that it is high enough for general ramblers not to get injured (8ft or higher).
Even after all that be prepared to defend yourself in court, if someone was injured under the Occupiers' Liability Act 1984.