The decision came in a phone conference today featuring team principals, Chase Carey and Ross Brawn of F1 and FIA president Jean Todt amid the continuing uncertainty caused by the coronavirus.

The team bosses had discussed a delay earlier this week with the knowledge that they are all set to take a hit to their income without a full calendar of races this season, and with the global economy inevitably suffering.

Nine had agreed, but Ferrari initially did not, and wanted to discuss the ramifications internally. In today's call the Italian team was fully supportive.

In essence the plan is to not just keep the 2020 rules for a further season but also freeze the chassis designs of each team along with – after further discussion – other key components. Aerodynamic development would continue.

Teams would then also continue to design their cars for the new regulations during the 2021 season under the new financial regulations, which include a cost cap.

The details of the regulation changes now have to be fully worked through, and ultimately passed by the World Motor Sport Council.

A statement from the FIA said: "Following unanimous agreement between the FIA, Formula 1 and all teams, the implementation of the Technical Regulations due to take effect from the 2021 season will be postponed until 2022.

"All parties further discussed the current situation of the 2020 championship and how the sport will react to the ongoing challenges caused by the COVID-19 pandemic.

"Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course.

"The introduction and implementation of the Financial Regulations will go ahead as planned in 2021, and discussions remain ongoing between the FIA, Formula 1 and all teams regarding further ways to make significant cost savings.

"All teams expressed their support for the FIA and Formula 1 in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops.

"All of these commitments will be referred to the relevant governing structures for final ratification."

The three-week factory shutdown that all teams have to adhere to in March/April means that the final approval process can be undertaken while teams have in effect paused any R&D work they may have started on their 2021 cars.