From next week, drivers going over the speed limit could face a penalty of up to £2,500, a huge increase from the current maximum fine of £1,000.
This change comes as a result of the Sentencing Council's 2016 consultation, when it was decided that the current speeding fines do not reflect the damage and harm that speeding can cause.
"The magistrates' courts deal with the vast majority of offenders in England and Wales, so it is essential that the guidelines they use are up to date and help ensure that sentences are applied consistently and effectively," said district judge and Sentencing Council member Richard Williams.
Drivers could also face additional points on their licence and disqualification. Gov.uk states that a motorist can be banned from driving with 12 or more penalty points on their licence.
The new guidelines, which come into force on Monday 24th April, will penalise drivers caught doing 41mph in a 20mph zone, 51mph in a 30mph zone or 66 mph in a 40mph zone. Those caught doing more than 101mph in a 70mph zone could face a 56-day ban and a fine of up to 175% of their week's wages.
There are three bands that determine how much you'll have to pay if caught speeding:
Band A - fine equal to half your weekly income
Band B - fine equal to a full week's wage
Band C - fine equal to 150% of weekly income
With the new speeding fines in place, the Sentencing Council hope these will counteract the reduction in road traffic police.
Motor breakdown company RAC approve of the new guidelines. "Anyone who breaks the limit excessively is a danger to every other road user and is unnecessarily putting lives at risk," said spokesman Pete Williams.
"Hopefully, hitting these offenders harder in the pocket will make them think twice before doing it again in the future."