Ministers are currently involved in moves that could make it easier for motorsport races to be held on the public roads of the capital.
The speed-limit shake-up will allow local authorities to decide whether or not to suspend national speed limits and other health and safety laws for each race or rally. Currently, this requires an Act of Parliament.
According to The Times, F1 mogul Bernie Ecclestone is a major advocate for a London-based race, stating that it could join Monaco and Singapore in the realms of the great street races in the F1 calendar.
Ecclestone previously drew up detailed and complicated proposals that saw the circuit take in The Mall, Trafalgar Square and The Ritz Hotel but found government red tape would make the whole operation complicated and expensive.
Despite this, he said in 2012 that such a race would be “fantastic, good for London, good for England – a lot better than the Olympics.”
Mayor of London, Boris Johnson, has also backed the changes and is looking to ‘test’ the new laws with a Formula E electric race series that sees near-silent cars speed around Wembley and Stratford.
The race would be fantastic, good for London, good for England – a lot better than the Olympics – Bernie Ecclestone
The consultation will also remove a potential legal issue that may put a halt to Tour de France stages being held in Yorkshire and Cambridgeshire this summer. Officials have pointed out that the support cars that follow the riders would technically be breaking the speed limit.
Kenneth Clarke, the Cabinet Office Minister, and Phillip Hammond, the Defence Secretary, are said to back the plans but, according to espn.co.uk, if the go-ahead is given, any Formula One event faces the prospect of opposition from eco groups, traders and residents because of the huge disruption and noise that it would bring with it.