Mosley hails plan for salvation

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Drastic action has been forced upon the sport in the wake of the global economic crisis which last Friday sparked Honda's shock withdrawal.

"We're now going to become much more cost effective," was Mosley's response following a four-hour meeting of the World Motor Sport Council in Monte Carlo. "I think this is probably the first step towards Formula One saving itself because everybody recognised the situation had become very serious and that something needed to be done."

Mosley anticipates the changes for 2009 will save the manufacturer teams approximately 30% of their budgets compared to this year, whilst the savings will be even greater for the independents.

As from 2010, when more stringent changes will be enforced, Mosley expects teams to be on budgets of less than half their current spend.

Ultimately, the goal is a budget of around £45million per team per season, in stark contrast to the £200-300million currently spent.

Mosley added: "The teams have now really got behind the idea, and instead of being reluctant, they are being positive. That's made a huge difference, and I think we can now get it under control."

For 2009 engine life will be doubled, with the cost of engines to independent teams approximately 50% of 2008 prices.

There will be no in-season testing outside of a grand prix weekend, a reduction on wind-tunnel testing, whilst factories will close for six weeks per year.

There will also be a reduction in manpower by a number of means, including sharing information on tyres and fuel to eliminate the need for 'spotters'.For 2010, the major regulation changes include engines available to the independent teams for less than £4.5million per season.