The FIA looks set to try and cut the costs of competing in the Formula One World Championship by more than two thirds in 2010, it has been reported.

According to the Financial Times, yearly budgets could be reduced from around 300 million Euros per year, to 100 million Euros for manufacturer-owned squads and 50 million Euros for independents.

The reduction will be achieved through a new blueprint which will detail 'defined areas of specific technical competition', with other areas described as 'non-compete' - such as gearboxes, as well as wheel, brake and suspension elements.

The proposals have been put together by former Jaguar F1 team boss and now FIA technical consultant, Tony Purnell.

Purnell believes that this will allow F1 to maintain its 'technical awe', but that it will be focused in specific areas.

The areas of competition and non-competition could also be adjusted according to the world economic climate.

"When we see that things are picking up and there is more money in multinationals for discretionary spend, then we can start reintroducing a wider technical competition," he explained.

"But we'll keep to a central philosophy that engineers work on things that are relevant to society, like fuel economy and efficiency."

McLaren boss Ron Dennis meanwhile has said that he is not convinced it is the right way to go.

"F1 should not be a prescriptive formula where engines and a large group of components should be standard," he confirmed.

"That places total emphasis on the driver - and if you went down that route the drivers would be the key ingredient, and that is where the money would be spent."

For the record, less radical cost cutting measures - such as a ban on in-season testing - have already been agreed for 2009, following Honda's decision to pull out.

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