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@Ludd
Riding in a bunch down into Brighton, two of us were spinning madly on 42x16 and, according to riders with computers we were nudging 35mph before the other fixed rider's chain came off. We slowed down at that point.
Ask Fixedwheelnut though - I think he's hit 40mph on fixed.
With a freewheel, as has been said, you're limited by the road and your nerves. I've never broken the 45mph barrier but hit 44.7 on Westerham Hill years ago.