When driving along as you normally would the sudden sound of an emergency vehicle approaching can be induce a sense of mild panic. First comes the task of locating the direction of the emergency vehicle and then the decision, what to do next? Do you stay where you are and risk blocking the progress of the emergency vehicle or do you move into a position that could put you and other road users in danger?
The first rule is don't panic. The second is don't over-react. Drivers who do panic often do so because they haven't spotted the emergency vehicle until it almost upon them. Their first instinct is to brake and stop. This however can be dangerous. It can slow the progress of traffic behind, and thus that of the emergency vehicle, and even put other road users in danger.
The correct response is to calmly think about your road position and deal with the problem in the same way that you would deal with any other potentially hazardous driving situation. Ask yourself what is the safest option open to you. Don't cross red traffic lights or speed to get out of the way. The emergency driver has legal exemptions you don't. You should look ahead and find the nearest safe place to pull over.
If the emergency vehicle is approaching you from the front then be prepared to pull over to make room for it to drive on your side of the road. If you are approaching a junction and can hear an emergency vehicle but are uncertain where it is coming from then hold back until you can see it.
If you are moving in urban traffic it may well be that you can continue at a reasonable pace and the emergency vehicle can follow you out of a pocket of congestion. In such a situation if you pull over too soon, or even just slow right down, you may cause a needless obstruction and hamper the progress of the emergency vehicle.
Always indicate you intention clearly and in good time. If you pull in or make any other manoeuvre make sure you indicate and warn other road users of your intentions. You should always think about where you are asking the emergency driver to overtake you. For example if you stop on the brow of a hill the emergency driver will have to overtake you there. This puts them in danger as they won't be able to see if traffic is approaching in the opposite direction.
Be aware that several emergency vehicles may be on their way to the emergency. Don't pull straight out after letting one vehicle pass without checking for another following emergency vehicle.