Formula One teams and the sport’s governing body, the Fédération International de L’Automobile, announced on Friday a set of measures designed to slash costs in response to the crisis triggered by Honda’s withdrawal from F1.

The process was the culmination of several months of work behind the scenes by both sides, which was made more urgent by Honda’s departure. On Friday, the FIA world council rubber stamped the proposals, which will see the manufacturer-owned teams save about 30 per cent of their budgets, or £40m, from next season onwards, with the independent teams saving more.