Speeds are fine, they are consistent and reliable which is the most important factor.

The uk is interesting when it comes to hosting. I have searched high and low for a company that does dedicated cpanel servers located in the uk, i dont belive a company currently exists (im not going anywhere even if they do!). A lot of hosting in the uk comes primarily from servers located in amsterdam and germany but reliability is an issue, there are also vat complications with that.

Another reason for location of servers is tax issues and laws, you would be supprised how complicated where you host can be. An online company could be registered in the uk but have servers located in the US, whos laws apply?! Answers on a postcard!, i get a different answer everytime i ask someone!