If it was just the speeding, you would normally get a COFP for up to 49 in a 30 limit (as explained in the "READ THIS FIRST" post, but police guidelines don't allow for fixed penalties for 2 endorseable offences on the same occasion.
The Mags Sentencing Guidelines (also linked in the "READ THIS FIRST" post) suggest 4-6 points or a short (7-28 days) ban for the speed band 41-50mph. As 48 is towards the top of that band, ordinarily you would expect 5 or 6 points (and fine and 40% surcharge and prosecution costs).
Assuming that both offences were committed on the same occasion, you would generally only get points for the most serious offence (points-wise) - which would be the speeding, but fined for both. As the red light offence is being charged as a separate offence, I'm not sure whether it could properly constitute an aggravating factor for the speeding offence as far as points (or ban) is concerned, but on the face of it, it is unlikely to garner much sympathy with the bench.
