Thursday 02 July 2026 10:30 am
| Updated:
Wednesday 01 July 2026 1:51 pm
Formula 1 boosts the UK economy by £12bn every year, according to new figures
Formula 1 boosts the UK economy by £12bn every year, according to new figures revealed ahead of this weekend’s British Grand Prix at Silverstone.The wider impact in the UK of the elite motor racing series – 10 of whose 11 teams are headquartered in the country or have operational bases on these shores – comes amid a £100m boost provided by the annual four-day weekend in Northamptonshire, which will this weekend see a record crowd.Formula 1 data suggests that Motorsport Valley, the M25 corridor that serves as a global hub of development for the industry, continues to grow, with “Cadillac establishing its new Formula 1 facility at Silverstone in 2025, alongside major expansion projects by Aston Martin and Mercedes at their UK campuses”.“The British Grand Prix is Formula 1’s biggest event and is expected to welcome the largest crowd in the sport’s history,” according to the dataset. “It generates more than £100m annually for the local economy and is expected to contribute well over £1bn over the life of its current contract through to 2034.”The huge value to the economy comes just months after criticism from the sport over an alleged lack of support from the Home Office and wider government over visas needed to ensure the British Grand Prix weekend unfolds without a hitch. Written evidence submitted by F1 chiefs to the Department of Culture, Media and Sport Committee by and seen by City AM states that “strict rules, especially post-Brexit, can lead to significant delays in getting hundreds of personnel into the country, increasing costs and putting the successful delivery of the Grand Prix in jeopardy each and every year”.Formula 1 claims to support “thousands” of highly skilled jobs which attracts global investment towards the UK. Priceless Formula 1“Formula 1, Britain has built a world-leading motorsport cluster that combines advanced manufacturing, cutting-edge research and development, engineering excellence and elite sporting performance,” it notes.“Formula 1 teams invest heavily in apprenticeships, graduate programmes, and STEM outreach, helping develop the next generation of highly skilled British engineers and technicians.”Approximately 500,000 fans turned up to the four days of action at the 2025 British Grand Prix, with this year’s attendance set to top that. Some estimates suggest that 560,000 could pass through the gates at the Northamptonshire race track.Hopes are high of a home win on Sunday, with Mercedes’ George Russell battling teammate Kimi Antonelli for the drivers’ championship and veteran Lewis Hamilton recently recording his first victory with Ferrari.Last year’s race was won by McLaren’s Lando Norris, ahead of teammate Oscar Piastri and Nico Hulkenberg.
