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User482
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The advice from the Police FAQ database is that:
"Any speedometer that is fitted to a vehicle must be kept in good working order whilst the vehicle is being used on a road. The penalty for failing to have a speedometer in good working order is a fine.
However, if the speedometer develops a fault whilst being used or a defect has been discovered then all steps must be taken to rectify the fault with reasonable expedition. This exception applies only when the defect develops and must be repaired before the next journey."
Don't forget the advice is just that and if you get an cop who's had a bad day, or you fail the attitude test, then the approach might change.
THE ROAD VEHICLES (CONSTRUCTION AND USE) REGULATIONS 1986 (SI 1986 No. 107)
SPEEDOMETERS
These must be fitted to all motor vehicles registered from 1 October 1937.
Speedometers must be maintained in good working order at all "material times" ie when a vehicle is used on a journey unless:
(a) a defect occurs during a journey, or
(b) steps are taken to have the equipment repaired or replaced as soon as possible. (Regulation 36 and EC Directive 75/443)