Currency conversion to USD as per today's rates:
500.00 GBP
United Kingdom Pounds =
981.304 USD
United States Dollars
1 GBP = 1.96261 USD
1 USD = 0.509526 GBP
Nearly a thousand dollars for a speed infraction of 7mph over the limit is far higher than anything I've heard of here in the USA....except perhaps in a school zone, and the article doesn't state that this was the case in the reported instance.