When the frequency drops below 50Hz, it suggests that demand is outpacing supply, and vice-versa when the frequency is above 50Hz.
Grid voltage can vary due to your location and all sorts of factors, but frequency is, of course, always synchronised wherever you are.
National Grid pays a lot of money for "frequency response" to ensure the grid remains balanced. Traditionally this was provided largely by coal spinning reserve. But as most coal-fired plants have now closed, it's now provided by diesel farms (yuck!) and increasingly, battery storage.
http://www2.nationalgrid.com/uk/services/balancing-services/...