Life in the fast lane is not what is used to be. Honda’s decision to withdraw from Formula One is the most dramatic example to date of the problems facing the world’s most elite racing circuit. Turmoil in the car industry and the collapse of the banks that are some of the sport’s biggest sponsors have only exacerbated the fundamental problem that has been evident for some time: the costs of participating in Formula One – where teams have to spend upwards of £120m a year to remain competitive as rivals hunt for the tiniest technological edge – far outweigh the benefits of reaching its worldwide audience of 600m fans.

This would be unsustainable even in the best of times. But today, for the carmakers especially, every little counts. It is no coincidence that Honda’s decision to withdraw from Formula One, where it spent a record £147m last year only to finish near the rear of the pack, came hours after the most recent batch of dismal sales figures landed on the desk of Takeo Fukui, Honda’s chief executive. Others – perhaps even fellow Japanese carmaker Toyota – may soon follow.