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."
More top news
Scotland Yard has released figures which show there were 9,000 stabbings in London in the past year including 866 teenage victims.
Two women had to be rushed to hospital after the driver of a 'BMW' mounted the pavement in a hit-and-run crash.
The shocking moment a cyclist was threatened by a driver with a metal baseball has been captured on a video posted online.