It saves on signage because the actual speed limit can change along a road depending on the road's configuration and its routing. For example, you join a dual carriageway that has NSL signs. The NSL here is 70mph. The dual carriageway turns into a single carriageway. The NSL is now 60mph. The single carriageway now goes through a built up area, like a village. The NSL is now 40mph.
These are standard speed limits (for cars) unless otherwise stated on numerical speed limit signs.
As Ethel says, there are different speed limits for different types of vehicles. For example, on a single-carriageway road, a car driver is limited to 60mph. Unless, that is, his vehicle is towing a caravan or trailer, in which case the limit is 50mph. However, he's still allowed to go faster than the big artics, which are restricted to 40mph: http://www.highwaycode.gov.uk/09.htm#103
While I applaud the idea of reducing speed while driving on main roads which pass through villages, the statement that the NSL (for cars) through built-up areas is 40mph is just plain wrong. If it's a single carriageway, with the NSL sign, the speed limit for cars is 60mph, irrespective of the local housing density.
Another reason is that the national speed limit can change. I can remember it being 50 m.p.h. at a time of petrol shortage. I think it was introduced at that speed, but am not sure. In theory, it could be 50 or 90 next week.