Formula 1 has declared the United Kingdom a “natural base” for the sport as Silverstone prepares for a record-breaking crowd at this weekend’s British Grand Prix. The championship revealed that F1 contributes £12 billion annually to the UK economy, with the race alone generating over £100 million per year for the local area and an expected £1 billion by the end of its contract in 2034.
Record Attendance Expected at Silverstone
Up to 565,000 spectators are forecast to attend the three-day event, which would surpass the previous F1 attendance record of 520,000 set at the 1995 Australian Grand Prix. The milestone underscores the enduring popularity of the British Grand Prix, one of the most important races on the calendar.
Liam Parker, Chief Communications and Corporate Relations Officer at F1, highlighted the UK’s central role. Speaking exclusively to Express.co.uk, he said: “Formula One’s very first Grand Prix was held in the UK in 1950. Since then, it has been a huge success story and there are a number of reasons why teams are based here.”
Why the UK Is a Hub for F1
Parker cited the UK’s transport links, research incentives, and skilled workforce as key factors. “The access to Europe – transportation links that mean we can get to Europe and the rest of the world through some of the most effective airline and transportation hubs in the world. The environment that has been created over many years, including research and development incentives and tax systems that allow teams to invest and grow here.”
Ten of the 11 F1 teams are headquartered or have bases within a 50-mile radius known as “Motorsport Valley,” including iconic British brands like Williams and McLaren. Recent investments by Aston Martin and Cadillac have further cemented the region’s importance.
Economic and Employment Impact
According to F1, 4,500 companies employing 41,000 people form the sport’s UK supply chain. Around 6,000 people work directly in F1, with approximately 80% of the world’s top-performing engineers employed in the sector. Parker emphasized the role of UK universities: “What we have seen over time is that access to the skills here in the UK is hugely important. We have some of the best universities on earth, with some of the best engineers, and some of the most highly trained people in other sectors and industries that support F1.”
Protecting the UK’s Position
Parker described the UK as a “natural base” that F1 aims to protect. “The combination of the UK’s economic situation, time zone, our location globally as a business hub and a place to invest, as well as having access to the best universities, the brightest people and the best skills, have made the UK a hub for Formula 1 teams to continue to invest, grow and work here. That is why we now have 10 of the 11 teams either headquartered or with a base here in the UK. So, it’s a natural base and one that we want to protect in the future.”
