No taxpayer funds for British GP – minister

(GMM) UK government secretary Peter Mandelson on Sunday ruled out the use of taxpayer funds to save the British grand prix.

"I cannot use taxpayers' money, especially during the current recession," he told BBC Five Live radio.

Business minister Mandelson's argument is that F1 is "very cash-rich", even though if negotiations between Silverstone and Bernie Ecclestone fail, the country will fall off the 2010 calendar.

He said the loss of the race would hurt the UK economy, but insisted that if he was to gamble on the outcome, "I would say yes (there will be a race)".