For the speedo to work there MUST be drive to the output shaft. I had this fault on a customers Cortina years ago. Someone had stolen his propshaft in the night. Check to see if the prop is spinning as it could be diff or half shaft problem
mags, April 2010
if rear wheel drive then you may have a broken half shaft. if front wheel drive you will have a fault on one of your drive shafts-splines in hub/securing circlip u/s could be at fault,