In the face of spiralling costs, all current F1 teams have at last settled on a mutually agreeable budget cap, which will be worn by all drivers during press conferences.

The budget cap is said to be of a conventional peaked design, but uses a simple plastic re-sizing tab at the back to save costs. At the front, the cap features a lightweight, low-cost strip of Velcro onto which relevant sponsors’ logos can be attached. The cap is made of a material described as ‘a bit scratchy’.

The cap is said to cost just $10 and will be made in only three colours, although Ferrari will have exclusive rights to the red cap and also to the ability to sell the cap in its shops for $275.

Getting the cap approved amongst drivers has not been simple and sources say there was resistance from, amongst others, Kimi Raikkonen who prefers a trucker style that makes him look like an insolent Kentucky teenager.

‘This is a landmark moment,’ said one F1 insider. ‘The sport’s hat costs have been spiralling out of control for years. Now at last every single team plays on a level field as far as casual head gear is concerned’.

With the new agreement in place, all teams are now ready to use the cap at the next race, except for McLaren who say that they are unable to get Jenson Button’s cap ready in time.