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".
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.
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":
“The Mayor thinks F1 is a fantastic event that any city would feel privileged to host, and he is always interested in projects that attract jobs and bring growth.
He is positive that London would do a spectacular job of holding a Grand Prix; but it is impossible to say what the impact might be without detailed planning, consultation and research and the question of air quality and noise impact would have to be looked at very carefully.”