It was recently reported by the Daily Mail that an increase in the current 70mph speed limit on motorways could be debated in this month's Conservative Party conference.
Experts have argued that by doing so, not only would journey times be shortened but also the economy would be improved.
The Department for Transport's statistics showed that in 2010, 49% of cars on motorways exceeded the 70mph speed limit, while 14% travelled at speeds greater than 80mph.
In order to ensure speeds did not creep up to 90mph, the new 80mph limit would be strictly enforced. Also, in more residential areas, limits would be dropped to 20mph.
However, the Department for Transport has described the report as "speculation".
Their spokesman said: "We need to make sure that we are looking at the right criteria when considering what level speed limits should be set at.
"This means looking at the economic benefits of shorter journey times as well as considering other implications such as road safety and carbon emissions.
"Any proposal to change national speed limits would be subject to full public consultation."
Those in favour of raising the speed limit include president of the AA Edmund King. He believes that driving at 80mph can be safe and is practically the default speed already.
He said: "Our view is that 80mph in a modern car in good weather, at a proper distance from the car in front is a safe speed, whereas 50mph in bad weather tailgating the car in front is a very dangerous speed.
"Some might argue that 80mph is already the default speed, as motorists rarely get prosecuted for driving at 80mph on motorways.
"However, if we want people to adhere to the lower speed limits, such as 30mph, it is better to have speed limits that are realistic and enforced."
If you are caught breaking the speed limit and it is your first offence, the minimum punishment you will be given is a fine of £60 and three penalty points on your driving licence.
If you are a repeat offender you may receive a driving ban. If you are caught speeding at over 100mph you are likely to face a driving ban of at least 12 months.
Read more on the story (Press Association)
Read some frequently asked questions about speeding (FindLaw)
Find local motoring solicitors throughout the UK (FindLaw)