F1 to begin cost-cutting

World governing body the FIA has vowed to force through cost-cutting measures after Formula One teams failed to offer any satisfactory solutions.

FIA president Max Mosley met team bosses last month to discuss the shape of Formula One post-2007, when the ruling Concorde Agreement expires.

High on Mosley’s agenda has been a dramatic reduction in costs, as well as measures to slow speeds and increase entertainment.