Cost-cutting in Formula One has helped save the former Honda team, chief executive Nick Fry has said.

A management buy-out, led by team principal Ross Brawn, has taken control of the team from Honda, who quit F1 due to the credit crunch.

Jenson Button is set to drive the team's new challenger car for the first time at Silverstone tomorrow.

Speaking today after a meeting of the new Formula One Teams' Association in Geneva, Fry said: “The cost reductions will help us enormously in the challenges that our team will face in the next two or three years.”

Despite Honda's withdrawl from the sport, Ferrari president Luca di Montezemolo said after the FOTA meeting that all teams and manufacturers were committed to it for three more years.

“We are alll prepared to commit to enter in the new Concorde Agreement until the end of 2012,” he said.

The FOTA have also proposed that 12 points should be given to Grand Prix winners rather than 10 at present.