My County, and just about every other one I have heard of, has a speedo error of around 7% with the speedo reading higher than the road speed. This being the opposite of yours, it would suggest a gearing problem, possibly as suggested.
Check the accuracy of the odometer readings - these, being fixed gearing would show that it is a gearing problem. 
There is a possibility, however, that it is not a gearing problem. Unless I am mistaken the worm that drives the speedo gear is only clamped between the output yoke and the output bearing, so that if the nut on the end of the output shaft is slightly loose, the worm can slip causing the speedo to under-read. This usually results in an erratic speedo reading, but is still a possibility.
John
				
			 
			
		 
			
				
			
			
				John
JDNSW
1986 110 County 3.9 diesel
1970 2a 109 2.25 petrol
			
			
		 
	
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