Councils given powers to stage motor races on roads

David Cameron has given his backing to councils to stage races on roads in the UK, opening up the possibility of a Formula 1 grand prix one day coming to the streets of London.

The Prime Minister says the new rules will mean "more races, more events, more money coming into our country".

Read: PM hails move which could bring F1 to streets of capital

ITV News reporter Martha Fairlie reports.

A Formula One Grand Prix on the streets of London may have moved a step closer after the Government announced new powers for local authorities to stage motor races on public roads.

Read: Dream of London F1 Grand Prix gathers speed

David Cameron unveiled the move as he opened Williams' new F1 engineering facility in Oxfordshire, saying it would mean "more races, more events, more money coming into our country".

He said: "We're going to change the rules so that local councils are able to make the decision so you don't have to have a private member's Bill through Parliament, which we think will be great news for British motor sport."

The Prime Minister also hailed the F1 industry, saying it was "an amazing success story, eight of the 11 teams based here in the United Kingdom, 41,000 people working in the industry in the Oxford area alone, working for about 4,300 companies".

London Mayor Boris Johnson has signalled he is ready to support the idea of a Monaco-style Grand Prix on the streets of the capital.

Read: Councils given powers to stage motor races on public roads

Powers to stage motor races on public roads will be given to councils for the first time, it has been announced.

Legislation will be brought forward to allow speed limits to be lifted and competitive events held, Downing Street said.

Such races have previously required specific permission from parliament.

David Cameron is expected to hail the move later when he opens the new Williams F1 engineering facility in Oxfordshire.

Read: Dream of London F1 Grand Prix gathers speed