1% can usually be given for free so i would appeal. What's the point in sticking you on a 2:2 when you are so darn close to a 2:1? Might as well give you the two one or at least have you revise an assignment to earn that extra 1%.
Universities don't usually allow exam resists without an exceptionally good reason ("I didn't do well enough the first time" not being one), and it's pretty rare to allow them in final year at all.
Also, it's a bit silly to say "what's the point in sticking you on a 2:2 when you're so close to a 2:1" - that's what grade boundaries are for! If they just bumped up everybody who was 1% down, then the grade boundary would end up being 1% less wouldn't it? And so on...
The fact is that universities (good ones anyway, I don't know where sports_brah went) won't just award degrees based on overall results. Boundary cases will be reviewed and graded according to overall performance. As others have mentioned, these boundary cases will often be graded up (or down!) based on key modules throughout the course. For example, many courses have a large final year project or dissertation, which usually carries more weighting to an exam board than just its credit weighting.