Ferrari team principal Mattia Binotto says it would be a shame if the budget cap, rather than innovation, dictates Formula 1 in 2022.
With electricity and freight travel costs rising sharply, alongside other essentials for Formula 1 teams, there is a growing push from some parts of the grid for the budget cap to be increased.
Red Bull’s Christian Horner has warned seven teams risk having to sit out the last four races of 2022 should no increase be agreed.
And Binotto has stressed a limit on spending should not be allowed to put a stop to development.
Asked by reporters if he agreed with Horner that the cap needs raising, Binotto replied: “Yes, I agree. I think many teams are agreeing with him. It’s something we already discussed between us.
“We believe the budget cap…it’s the second year of the financial regulations, but it’s the one we are discussing the most about it. And the reason why is there is an unforeseen force majeure – maybe – situation of inflation, which is so high and nobody was predicting it. Six per cent of inflation is really a lot of pressure on our shoulders.
“We could have prepared ourselves for a reduction on the budget gap, 145 to 140 [million], we could have prepared ourselves for a brand new car, no carryover parts, which was not the case last year, but we could not have prepared ourselves for such high inflation.
“I’m pretty sure all of us, and not only the top three teams, medium teams, will hit the budget cap very soon in the season. And I think it will be really a shame that a sport like F1 will be dictated by the budget cap at the end. It has to remain a sporting and technical challenge.
“The budget cap, or the financial regulation, is certainly a very green regulation. It’s only the second year and it will take many years to fine-tune it. And I think, again, because of that low maturity of the financial regulations, where maybe there will be even no fairness or equity through the teams in the way we are…
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