It's a very complicated issue. Firstly four lanes on the M25 is narrow - parts of it have six on each side!
The biggest danger on a motorway is the speed differentials. In other words, you've got big lorries doing 50mph and cars doing 80+ only a couple of metres from each other, whilst having to zip around other vehicles. On that basis, raising the speed limit would be dangerous.
However, one cannot ignore the fact that very few cars stick to the motorway limit (some 97% of car drivers a year conscientiously break it), so raising it won't make things any worse. If anything, it'll encourage those 3% of cars to keep up with the rest of traffic, making the road safer.
The argument that people will just drive faster anyway is a very thin one, and is somewhat offensive. It's now almost concrete that speed limits have no affect on the way people drive at all, an issue I'll get back to later. How many people honestly get in a car and aim to break a speed limit? Sure, some do it, but those that do don't deserve licences.
The main reason why raising the limit would be a good thing is to bring some unity and clear what is some very muddy water. If 75 is deemed acceptable by the police, at what point do you become dangerous?
However, there are a few more complications:
- Over the past 10 years, speed limits on all roads have become astronomically low. They are designed so that drivers can break them. Drivers have absolutely no faith in them at all, so they start taking matters in to their own hands, trying to judge for themselves whether a road is safe or not. An appalling situation that isn't limited to motorways.
- HGV speed limits are becoming an issue, as it causes economical damage and leads to long delays behind them. The same argument is used, "lorries are much safer today". Well, yes, but it doesn't stop them crushing anyone in front when they don't stop in time. What should be done here? Think back to speed differentials.
- If motorists had to create a 'wish-list' for the government, I'm sure the motorway speed limit would be fairly low on it. Not only are there the issues above to sort out first, but we need to do a LOT more road-building if we want any credit from Europe. Baring in mind that few things come in the motorists' favour, we need to get our priorities right!
- Most things in transport are about taking a step backwards. 20 years ago you'd improve a dangerous road, today you'd put more restrictions on it. Everything is about squeezing as much capacity out of what you've got, using any means possible. A raise in the motorway limit would be a big breath of fresh air, but highly unlikely*. With things like hard shoulder running coming in, it's more likely that we'll end up with a camera-enforced 50/60mph limit on all busy roads most of the day. Nothing like progress, eh?
Oh, and finally, having read the other answers:
- Most motorways are designed to safely handle traffic at 100mph, although more and more things are being done "on the cheap" now.
- Traffic levels are irrelevant, it's a speed LIMIT not a target.
Sorry for the very long answer, but it's a big issue!