"The British Grand Prix has been held there for more than 50 years and it is famous throughout Britain and the world," Lord Luke commented, "It is, indeed, the main reason for the establishment of the motorsport industry business cluster in the area, wherein the UK motorsport industry contributes more than £6 billion to the British economy every year.
"It employs directly more than 100,000 people. It is under intense threat from new motorsport circuits, for example Bahrain, Istanbul and Shanghai, as has been mentioned, all of which provide brand new, state-of-the-art facilities. It is therefore essential that Silverstone circuit and its facilities are updated to keep the British Grand Prix, and therefore retain the many large and small companies nearby linked to motor racing.
"I am sure that the Minister knows of the extensive plans developed by the British Racing Drivers' Club, the owners of
Silverstone, to secure its future as one of the great world venues of motorsport and help to ensure the UK retains its pre-eminence in this sector. The BRDC 'vision' for Silverstone includes the redevelopment of the circuit to provide state-of-the-art facilities which should secure the future of the British Grand Prix at Silverstone and a new business park focused on hi-tech production and motorsport uses that will provide flexible and modern accommodation to meet the needs of burgeoning companies in this demanding sector. It includes an advanced technology park for companies with significant research and development needs and an education campus that will take advantage of the hi-tech nature of Silverstone's motorsport cluster of companies and provide courses across a broad range of specialisms from vocational to higher education. An imaginative dual use of the circuit facilities is envisaged which would help to make the courses very attractive to youngsters. The last thing is to create a centre of automotive excellence with substantial opportunities for economic and employment growth.
