BMW boss in favour of budget caps

"We have had very extensive discussions on budget cuts last year," Theissen said during the launch of the new BMW F1.09 in Valencia.

"In principle we have always supported the budget cap instead of individual technical restrictions because very simply if you want to save money you should limit money and not something else.

"So in our view this is a very valid approach, you can always argue about the figure then, but the principle of going to a budget cut and allowing the teams to spend the money in areas they think will make them competitive, is something we would approve."

Theissen also believes a budget cap would be easier to police than some sort of technical restriction.

"I think it wouldn't be that difficult," he added. "If you police a budget cap it's just one figure you have to police. In my view it's much more difficult if you don't achieve a budget cap and come up with individual restrictions like wind tunnel use or, simulator use, or whatever."

The BMW boss admitted the team have had to make staff cuts due to the in-season testing ban introduced this year and claimed their budget will also be cut in 2009.

"Yes, in the medium term it doesn't make sense to keep a separate test team because pre-season and post-season tests can be done by the race team. We had a few people from the race team as well, but that's how we cope with it," Theissen said.

"For our team I can say we have shrunk our budget by 30 per cent from 2005 to 2008 already. So with our own team in 2008, BMW spent 30 per cent less than in 2005 as an engine supplier to Williams. For 2009 we expect a further cut back of our budget, and again for 2010."

Theissen made it clear, howeveer, that BMW remain fully committed to the sport despite the world's financial crisis.

"Our board has made a clear statement that we are fully committed and this (the withdrawal of other manufacturers) does not affect in any way our involvement in Formula One."