The FIA, Formula 1's governing body, has announced that 'significant cost savings' will be introduced in 2009 and 2010, following the meeting in Geneva today [Tuesday] between the powers that be and the F1 teams.

A joint statement read:

"Today's meeting in Geneva has produced significant cost savings for 2009 and 2010.

Related Articles

"FOTA [Formula One Teams' Association] are working urgently on further proposals for 2010 and thereafter."

No details on the steps that will be taken were released, however yesterday the FIA did publish what would be on the agenda [see separate story - click here].

More to follow as and when we get it...