Drivers who are caught speeding on motorways could be fined up to £10,000 under proposed plans that are being considered by the government.

Magistrates would be able to issue fines four times larger they can at present, with maximum penalties for a range of offences including drink-driving and driving with defective tyres or brakes, so-called ‘level four’ offences, all increasing to £10,000.

The move is designed to give magistrates’ courts greater power when dealing with a range of offences by raising the maximum financial penalties available. Fines imposed by magistrates for breaking the 70mph motorway limit are currently capped at £2,500, but may increase by up to 300% if the new legislation makes it past Parliament.

Motorists who ignore red traffic lights, speed on other roads, drive without insurance or use their mobile phone while driving could also be liable to heftier fines.

The Government paved the way for the huge increase, the first in more than two decades, when it passed new legislation in 2012.