Definitely. You shouldn't be able to kill 2 people and not escape a jail sentence!
The starting point for an offence of causing death by dangerous driving is 8 years. This particular incident is likely to fall into a higher category than that if they were indeed racing. The sentencing range is between 7 and 14 years. It will be increased as it involves multiple fatalities. The final length of sentence will very much depend on when (if) they plead guilty or are found guilty.