At the equator, one minute of arc (a sixtieth of a degree) is equivalent to one nautical mile. At the poles, it's zero
The nautical mile is roughly equivalent to a minute of arc along any meridian and is the same at the poles as the equator. It's the geographical mile that's measured along the equator.
The British nautical mile is of course something completely different and somewhat longer than the statute mile which is based on I know not what.
Kato will no doubt be along in a while to fill you in on all the detail.
Ive got a question, Ive got a garmin Edge, and when your on the trial I stopped to 'Mark The location' I checked this with our OS Map and the refence the 'Edge' gives you is completely diffrent. Why doesnt the Edge give you OS ref i.e(st125413)???
There's a menu in GPS with a choice of coordinate systems. Choose the one you want. I haven't got an Edge but suspect the OS grid is in there somewhere.
The Garmin 305 GPS does not have the ability to show OS grid references, and actually cannot display on screen the current lat-long although it does record this on its internal track log.