Senior Formula 1 figureheads met with Lucy Frazer MP to discuss the sports economic benefit to the UK
Ahead of the 2023 British Grand Prix, senior Formula 1 figures were invited to 10 Downing Street to discuss Formula 1’s importance to the UK’s economy.
This comes just a few days before the British Grand Prix, which reportedly has an economic benefit of £100 million for the surrounding area during the race weekend and is expected to be a showcase of British sporting innovation.
Lucy Frazer, Secretary of State for Culture, Media and Sport, hosted key motorsport figureheads, including team principals of the seven British-based Formula 1 teams, Formula 1 president Stefano Domenicali, F1 Academy managing director Susie Wolff, and renowned former racing drivers Damon Hill, Martin Brundle, and Sir Jackie Stewart.
The conference provided an opportunity to celebrate the best of British engineering, engage in a dialogue about sustainable fuels, and appreciate the contributions of Formula 1 and the motorsport industry to the country's economy. 41,000 people are employed by 4,300 UK-based motorsport businesses, with over 6,000 employed through Formula 1.
With more cars made and teams based in Britain than any other country, the UK is a motorsport powerhouse. Its teams include Alpine, Aston Martin, McLaren, Mercedes, Red Bull, Williams and Haas (an American team with a base in the UK). Team principals for each of these, including Toto Wolff, Christian Horner, and Guenther Steiner, assembled to meet with government representatives.
Since British-based Formula 1 teams are reported to invest an annual £1 billion into research and development, the roundtable was a crucial chance to create a dialogue with the government’s Department for Culture, Media and Sport.
“Grateful for the opportunity to represent [F1 Academy] at No.10 today, engaging in a productive dialogue on the pivotal role of motorsport in the UK with [Department for Culture, Media and Sport],” wrote Susie Wolff on Instagram. “Exciting to explore how this dynamic industry can drive innovation, create jobs and inspire the next generation of talent.”