Below that is "2nd class honours, I" (colloquially 2.1, pronounced "two one")). With a 1st or a 2.1, you're considered a high achiever (like a good job, or grad school, might require a 2.1 or better). A 2.1 is between 60-70%. Pass is 40%, and exams are marked harder to make the numbers work. (I believe harder questions are asked than equivalent US universities, but that's just rumour, unless you really do get multiple choice questions in university).
It leads to interesting dynamics. In the Arts and Humanities, students are basically marked out of 80, with scores above that reserved for truly great work which is seen relatively rarely.
In CS or Mathematics, where you truly can answer perfectly, sometimes you can get close to 100% in a exam, which throws off the marking scheme. For project work though, 70% means "great job", and 80% means you've done something truly excellent. For my undergraduate thesis, a piece of novel research on sorting and branch predictors that I truly poured my heart and soul into for 6 months, I got 94%. The feeling at achieving that grade was truly exhilarating, in a way that it could never be if I people didn't normally get 72% for great work.