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Bringing the F1 Grand Prix to London is a step in the right direction, Formula One supremo Bernie Ecclestone said, after the coalition announced new powers for local authorities.
Mr Ecclestone, however, cautioned: "The news is good, but I don't know whether you'd have street racing because it's not cheap to put on something that's safe. Street racing is bloody expensive.
"But if they ever get it together then we'll see what happens. At least it's a good sign, a step in the right direction."
Mr Ecclestone went on: "What's good about it is the Government recognises Formula One as not just a motor sport, but being powerful, good for the country and that it brings in money."
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.
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.
The prospect of an F1 Grand Prix on the streets of London has moved a step closer after the coalition announced new powers for local authorities.
Town halls will be able to sign off major motor races on public roads for the first time, instead of needing to get specific approval from Parliament.
Unveiling the move as he opened Williams' new F1 engineering facility in Oxfordshire, David Cameron said it would mean "more races, more events, more money coming into our country".
A spokeswoman for London Mayor Boris Johnson said: "The Mayor is already backing the FIA Formula E championship race in Battersea Park next year and thinks Formula 1 itself is a fantastic event that any city would feel privileged to host
"He is always interested in projects that attract jobs and bring growth".
Spanish bank Santander released an F1 driver's point of view CGI film back in 2012 of an imagined 5.156-kilometre circuit around London.
The route takes in some of the Capital’s most famous landmarks and was produced after a detailed feasibility study for such a race was carried out.
The lap would start in The Mall and cars would reach speeds of 180mph on the 3.2-mile circuit, with drivers racing past sights such as Buckingham Palace, Big Ben and Trafalgar Square.
The route also features perhaps one of the most audacious corners seen on an F1 track, as 24 cars steer their way from Trafalgar Square into Admiralty Arch.
Hundreds of thousands of people took to the streets last time London was visited by the Formula One travelling circus back in July 2004.
During the event former F1 World Champion Nigel Mansell threw his support behind the idea of a London race, saying that if it were to become a reality "it would be one of the best street circuit races in the world":
Former F1 driver Mark Blundell has told ITV London's Simon Harris that a London Grand Prix would be more exciting than Monaco.
Latest ITV News reports
The dream of a motor racing Grand Prix on the streets of London was gathering speed today after the government appeared to back the idea.