Welcome to F1Minute - FIA confirm cost saving talks with F1 teams.

The FIA have today revealed they are in discussions with the teams to tweak the technical regulations for cost-saving purposes, something that has come about by request of the teams themselves.

A statement from the body said: “The FIA is having active discussions with teams regarding cost control and any amendments to the technical regulations resulting from a further limit on expenditure on the chassis will be submitted to the WMSC... before 30th June. The intention is to help all teams participate in the Championship in a fair and equal manner.”

Just a few days ago, Ferrari boss Luca di Montezemolo was talking about the need to cut costs, saying: “The world economic situation, and that of Europe in particular, is very serious and the world of Formula One cannot ignore the fact. We cannot lose any more time, we need to tackle urgently and with determination the question of costs.”