SPEEDING drivers will now face stricter penalties and much higher fines based on what they earn.

New rules came into effect in the UK this week, which will mean offenders could now be charged up to 175 per cent of their weekly income.

Previously, the minimum penalty for speeding was a £100 fine and three penalty points added to your driving licence while the maximum fine was £1,000 or £2,500 for motorway offences.

But now the new guidelines have been brought in, those caught driving at more than 101mph in a 70mph speed limit could be disqualified for up to 56 days and get a fine of between 125 and 175 per cent of their relevant weekly income.

Or if you are caught going between 31 and 40mph in a 30mph zone you will get three penalty points and a fine of between 25 and 75 per cent of your weekly income.

Currently many drivers get away without points and a fine by paying for a speed awareness course.

Why has the law been changed?

According to Green Flag, the number of speeding offences has increased 44 per cent in the last five years.

The new sentencing structure has been designed to produce a sufficient deterrent to reduce the number of speeding drivers.

How will this affect me?

If you’re a high earner, your fine could be huge.

If a footballer earning £300,000 a week was caught driving at 102mph he could face a fine of more than £500,000.

Meanwhile, an 18-year-old driver who works 40 hours a week on the minimum wage would be subject to a fine of less than £400 for the same speed.

How much will I be fined if I’m caught speeding?

The new speeding system is split into three bands which rate the severity of the offence based on the speed limit.

Band A refers to an offence that is between one and 10mph over the stated speed limit.

For example a band A speeding offence in a 20mph zone would be from 21mph to 31 mph.

A band B offence is 11mph to 21mph above the stated speed limit and a band C offence is 21 mph and above the stated speed limit.

The starting point for a Band A fine is 50 per cent of your weekly wage.

Band B starting point = 100 per cent of your weekly wage.

Band C starting point = 150 per cent of your weekly wage rising up to 175 per cent.

The new law follows tougher penalties brought in last month for anyone using a mobile phone behind the wheel.