I always understood it to be +10% -0% i.e. the speedo can overstimate your speed, but not underestimate it.
However I think Euro regs get involved too;
See section 19 of **LINK**
19 Speedometers
1. The vehicle shall be fitted with a speedometer capable of indicating speed in mph at all speeds mph. up the maximum design speed of the vehicle.
2. For all true speeds up to the maximum design speed of the vehicle, the true speed shall not exceed the indicated speed.
3. For all true speeds of between 25 mph and 70 mph (or the maximum design speed if lower), the difference between the indicated speed and the true speed shall not exceed—
V / 10 + 6.25mph where V=the true speed of the vehicle in mph.
This item shall not apply to vehicles having a maximum design speed of less than 2.5
There's also stuff related to mopeds etc.
A particular parliamentary answer clarifies(?) things further.
Speedometer Accuracy
AnchorLord Allen of Abbeydale asked Her Majesty's Government:
Whether, in the light of the increasing importance of speed limits, they have any plans to make it easier for the private motorist to have his speedometer tested for accuracy.[HL839]
AnchorLord Whitty: The Road Vehicles (Construction and Use) Regulations 1986, as amended, allows the use of speedometers that meet the requirements of EC Community Directive 75/443(97/39) or ECE Regulation 39. Both the EC Directive and the ECE Regulation lay down accuracy requirements to be applied at the time of vehicle approval for speedometers.
These requirements are that the indicated speed must not be more than 10 per cent of the true speed plus 4 km/h. In production, however, a slightly different tolerance of 5 per cent plus 10 km/h is applied.
The requirements are also that the indicated speed must never be less than the true speed.
AnchorA vehicle meeting these requirements would not be able to travel at a greater speed than that shown on the speedometer and a driver could not, therefore, inadvertently exceed speed restrictions. Her Majesty's Government have no plans to introduce instrument tests.
I bet you wish you hadn't asked 