This is F1Minute for the 5th December 2008.

Honda confirmed today that they are withdrawing from Formula 1 with immediate effect. The details we discovered yesterday are all true, with the team being funded until March 2009, and if no buyer can be found, they will have to fold. Ross Brawn and Nick Fry are both optimistic, though, with Fry suggesting they’ve already been contacted by three seriously interested parties. Button spoke out, saying he was as shocked as everyone else by the news, and found it painful at first, but now feels that the team need to stay positive to be attractive to potential owners.

Max Mosley has taken the opportunity to launch the next stage of his cost-cutting revolution. He said more teams could leave unless serious steps were taken, and announced that the FIA are working exclusively with Cosworth on the standard engine for 2010. It now appears that teams don’t have to run the standard engine but it will be a low cost option.

That’s it for this week, I’ll be back on Monday with another F1Minute.