Personally, I hope he does get banned and will consider his actions in future. If it was up to me I think he should spend some time in prison, but it is highly unlikely this will happen.
Too many young people think they know it all and can handle anything and unfortunately don't consider or care about other road users. They just want to try to look big and clever in front of their friends, when actually it shows how pathetic they really are.
As somebody who's family has been torn apart by a stupid thoughtless idiot who acted in a similar way, leaving my brother with a permanent disability, I am insensed that the parents of this reckless child, and at 17 that is all he is, would even consider allowing him to have a car which is capable of being driven at such speeds. Unless, of course, they also behave in the same way and if that is the case then they should also be punished.