F1 introduced a budget cap for the teams to work under for the 2021 season. They did this so that every team on the grid has the same amount of money to spend during the season to develop their car. Currently, every team is allowed to spend $140 million for the 2022 season. Red Bull team principal Christian Horner believes that the sport should have urgent discussions regarding the amount and the budget cap.

Many teams have complained that it is getting harder for them to work under the budget cap. Horner mentioned that the economic situation in the world demands F1 to have a look at the cost cap.

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It’s a very serious problem that we have to look at: Red Bull team boss

As reported by Channelnewsasia.com, the Red Bull team principal mentioned that it is difficult for the team has to pay its employees and develop the car at the same time while working under a budget cap.

He also pointed out that they might be a forthcoming economic situation brewing in the world that might impact the sport.

“What we see going on in the world is only going to drive prices one way. Inflation looks like it could hit record amounts. We’re seeing that impact already on things like air freight just to this event.

I think it’s a very serious problem that we have to look at and address because this has a one-to-one impact on people’s jobs and livelihoods,” said Horner.

F1 might need to make some changes to the budget cap regulations. The sport needs to ensure that the team does not get affected by something that is out of their control because of the budget cap. Also, it might be a good idea to increase the amount so that there is reasonable freedom for the teams.

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Hopefully, there will be a solution in the near future regarding the problems mentioned by Horner.