The British Prime Minister, Sir Keir Starmer, has welcomed 150 figures working within F1 to an event at 10 Downing Street on Wednesday, in celebration of the championship's 75 year anniversary.
The common era of Formula 1 grand prix racing began at Silverstone in 1950, and this year's championship has the Northamptonshire venue next on the calendar.
F1 president Stefano Domenicali will deliver a speech at Downing Street, to underline the burgeoning employment sector within F1 – nine of the 10 current teams have bases in the UK, and the incoming Cadillac also has facilities in the country – which is understood to contribute around £12bn to the UK economy each year.
Starmer met with Domenicali, Liberty Media CEO Derek Chang, a handful of past and current drivers and team principals – plus F1 Academy CEO Susie Wolff.
Prime Minister Starmer said: "It's fantastic to welcome you here in this garden in Downing Street.
"We want to celebrate, but we want to also show you how determined we are to support you and everything that you do.
"Back in 1950, the British Grand Prix was where it all began, and in those days Silverstone was built out of an abandoned airfield.
"Today, of course, that is one of the most famous circuits in the world, known to sports fans in all countries across the world.
"It is really great to have you and to celebrate that so many teams have chosen the UK as their base. This is pretty extraordinary - the sheer number of teams that are based here, just like the headquarters of Formula 1 itself. And next season's new teams on the grid - Cadillac, which opened a new facility at Silverstone, and Audi's building its technical centre near there as well.
"So the continuation of the British stamp on the sport is absolutely there. In fact, there is only one team without a presence here, and I did wonder whether it would be too much of a diplomatic incident if I tried to lure Ferrari out of Italy, and whether it would increase our relationship or not!"
Starmer also praised F1’s involvement in technology and social change, with how it applies to real-world advancements outside of motorsport.
"It is, of course, a great engine for technology and progress in technology," he added. "That Formula 1 mentality and the relentless pursuit of innovation and always thinking what else can be done - and look at what it means. The battery technology in electric cars came from Formula 1, and now of course commonplace is very much the future as we go forward. The braking technology that improved patrol vehicles for our armed forces - also pioneered by Formula 1. Energy-saving technology has been adapted to transform supermarket refrigeration.
"It's also a great engine of social progress—from the F1 Academy, pioneering the next generation of female drivers, to Mission 44, which of course is Lewis Hamilton's charity and foundation, which is working to make education more inclusive.
"So as Prime Minister, I'm really proud of what Formula 1 does for our country - not just that technology, not just that innovation, not just the money into our economy and the sheer joy it gives to so many people, but the soft power and global reputation that it gives the United Kingdom."
Stefano Dominicali added: "We have an incredible week ahead of us at the British Grand Prix, with nearly half a million fans coming to cheer on their heroes.
"This country is passionate about Formula 1 motorsport, and very proud of it. Seventy-five years ago, Formula 1 started here in the UK at Silverstone in 1950. Since then, it has become a British institution with deep roots and a huge contribution to the country.
"Next year, nine of the 11 Formula 1 teams will have a base here. We have our office and technical centre here in the UK. No other country can make that claim, and we are very proud of it.
"But this is not just about the presence here, it is about what we bring with fans, employees at 4,500 companies working with the sport, 41,000 jobs linked to the F1. And 25,000 highly skilled engineers. We generate over £12billion to the UK economy and help keep the country a leader in world-class innovation, technology and skills.
"This is the home of our sport, and we want to continue, as I know you are and your government are committed to. At the heart of all of us is this incredible sport, with passionate fans in the UK, all over the world and the best drivers in the world, fighting for the ultimate prize in motorsport.
"Formula 1 can unite and inspire and find solutions that have a real-world impact. That is what we want to continue, we want to continue to push for all of us as the leaders in Formula 1."
