i've been trying to find the Department for Transports rules on the accuracy of speedos, but came up blank. I seem to remember they can be up to 11% off up to 70mph and 13% off over that (by off i mean over estimate your speed). under reading of speed is something like 1 or 2%.
You ever noticed those white squares painted in the middle of trunk roads? they are for calibrating police speedos on the fly from what i've been told (by a coppers son).