“I think it's important at this stage to make clear that we at MSV are not magicians; there's no fairy godmother funding Formula Two, and there will inevitably be some differences compared to other, more expensive series'.

“Saying that, I think people will be amazed at how much we are going to pack into this championship for a budget which is less than a sixth of that required for GP2, and less than half that of F3. There will be some compromises, yes, but there will be advantages in other areas too.”

The car design, the 51-year-old former F1 star explained, will follow the future direction the top flight is taking and prioritises high durability, low running costs and most crucially of all the highest possible safety standards – the cars must all comply with the demanding 2005 FIA Formula One technical regulations and will feature 2009 F1-standard driver head protection. The minimum weight of each car will be 620kg including the driver, and there will be neither pits-to-car radio communication nor power steering.

Running to the same aerodynamic philosophy as GP2 to generate high levels of downforce, high torsional stiffness will moreover allow for the cars to respond to small changes whilst – in common only with F1 – the front wing will be adjustable by the driver using steering wheel-mounted controls. That, Palmer asserts, will enable the driver to potentially fix problems him or herself rather than having to pit and lose as much as ten minutes in the process.

On the engine front, a turbocharged Audi 1.8-litre powerplant will produce 400bhp at 8,250rpm, with ten, six-second 450bhp power boosts per race, as is seen in both FPA and the A1GP World Cup of Motorsport. The overall performance level, Palmer estimates, will be somewhere close to that of a 3.5-litre Renault World Series machine.

A final unique feature will be two on-board cameras on every car, affording both a drivers'-eye view and rear view and allowing for on-track footage to be recorded, examined and compared against on-screen data – as well as facilitating the task of stewards in racing incidents.

“It's very important that Formula Two not only provides the possibility for driving talent to be evidenced,” Palmer went on, “but also for drivers to set up their cars. We are eager that the drivers should have the greatest opportunity to learn what balance problems when addressed have the greatest impact on improving the lap time. That's what Formula One engineers want to hear most from drivers.”

The cars will be prepared at FPA's Bedford Autodrome in-between races, with equality being very much a buzzword of the new championship, and three official pre-season tests and two more days of running scheduled for during the season, with a maximum mileage of 300km per day, and 50km per day for shakedowns at Bedford.

Likely benefiting from Eurosport television coverage, the series will run over eight meetings, each encompassing two 30-minute practice sessions, two 30-minute qualifying sessions and two 110km races. The second race will feature a mandatory ten-second pit-stop – again intended to accustom drivers to the skills they will require in F1 – but with no tyre change or re-fuelling, the ability of pit crews to impact upon the eventual result is largely eradicated.

The calendar – much of it featuring on the highly popular World Touring Car Championship (WTCC) support bill – is due to begin in Valencia on 31 May, going on to visit Brno (A1GP), Spa-Francorchamps (Formula Two), Brands Hatch GP Circuit (WTCC), Donington Park (Formula Two), Oschersleben (WTCC) and Magny-Cours (Formula Two), before winding up at Monza (WTCC) on 4 October.