Forget the red light jumping for a moment.
You will not be offered a fixed penalty for the speeding � they are only offered for speeds up to 66 in a 40 zone. Magistrates� sentencing guidelines suggest a fine of one week�s net income (reduced by a third if you plead guilty) plus either six points or a ban of up to 56 days.
The red light offence carries three points and a fine if charged alone. However, when multiple motoring offences arise from the same incident, points or a disqualification are only awarded for the most serious.
My view is that in addition to two fines, you are likely to be disqualified for 42-56 days. Magistrates will view your actions as serious enough to warrant a ban for the single offence of speeding as this will be aggravated by your jumping a red light.
Don�t try the mitigation that you have put forward here (�...safer to continue than to stop�). You overshot the red light by 2 seconds. Amber alone (which also means �stop�) is shown for usually at least 2 seconds for lights in a 40 zone. In those four seconds you would have travelled over 400 feet. The minimum stopping distance (as per the Highway Code formula, which most modern cars can better anyway) from 70mph is 315 feet. Magistrates can do sums and they will realise your explanation is unfounded.