Formula 1 chiefs are hopeful that a raft of changes over the next three years will amount to significant cost savings, doing away with the need for a cost cap which isn't favoured by the larger outfits. The smaller teams had hoped the FIA's plan to introduce a budget cap would bring spending under control and create a level-playing field for them to compete on. However it was rejected by the F1 Strategy Group - made up of Ferrari, McLaren, Mercedes, Red Bull, Williams and Lotus as well as FIA president Jean Todt and Bernie Ecclestone. Instead, a three-step process, which will see more standardisation and stricter regulations to simplify components will be adopted, which, it's hoped, will...
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