Hi If I change the table type default collation to UTF8 from latin does it slow down the queries?
I'm not aware of any reason it should, but the fundamental answer for something like this is really "test it and see" -- i.e. find out how long your queries are taking now, change the collation, and find out how long they're taking afterward.
As always with with character sets (and collation should make not much difference), it depends.
Long Answer:
If I am not mistaken (someone else might correct me), the only performance difference it could cause, would be different size of stored data. And that depends on your stored data: If you store mostly English texts, then UTF-8 strings will be the same as latin1 strings, but for languages like French, UTF-8 strings can be longer than a special character set. But this effect only makes a difference when storing Russian, Arabic, CJK etc.
Short Answer:
No.