If the CO is not right,then you could fail the emissions at the next MOT with the engine running too rich, and you will have high fuel consumption. If you go the other way, then you can get pinking, possibly shortening engine life due to hot burning temps. Your emissions will be low as will your fuel consumtion.
You need the fuel air mixture to be within certain tolerances to run nicely. (About 14:1 air fuel ratio give or take a couple on the air). This is called the stoitiometric mixture! Or ideal burn ratio.