Using the data supplied on the Government website to explain the tests and data
www.ox.ac.uk/news/2020-11-11-oxford-university-and-phe-confirm-lateral-flow-tests-show-high-specificity-and-are
Yes - they are highly specific and sensiitive
The specificity of the test was recorded as 99.68% -
It has an overall sensitivity of 76.8% for all PCR positive individuals but detects over 95% of individuals with high viral loads, and minimal difference between the ability of the test to pick up viral antigens in symptomatic and asymptomatic individuals.
So that's good.
But when you use them in an environment with a low prevalence of a disease, and use them on lots of people, you end up with many positive tests being false positives.
You also don't get many 'positives' at all - but on the rare occasion, you get a positive, it's more than likely to be a false positive.
So this is why a positive test needs following up with a PCR and that's why schools shouldn't insist that pupils and their contacts all self isolate for a long period.