In response to the world economic crisis, Honda has left the Formula One field. The tournament is now preparing itself for a host of cost-cutting measures for 2009 (and maybe the following seasons).

The FIA—the world motorsport’s governing body—and the Formula One convened to discuss cost-cutting measures at Monte Carlo, last Friday. One key component is saving on engine costs. In the process, Max Mosley’s idea of a standardized engine for 2010 did not find favor. However, other measures were introduced to ensure longer-lasting engines, limits on expensive testing, and cheaper engines for smaller teams.

For the 2009 season, a driver will be limited to a maximum of eight engines. Teams will be allowed four engines for testing with a power limit of 18,000 rpms.

For 2010, smaller teams will be able to acquire an engine from a supplier or manufacturer for $6.6 million, which is half the current cost.

Teams have also agreed to reduce manpower by means of several measures, including sharing information on tires and taking away ‘spotters.’

The FIA estimates that these cost-cutting measures will allow teams to save 30% of their budgets in 2009 (compared to 2008). And the smaller independent teams will even save more.

Other changes to be introduced include shorter races and banning refuels for 2010, which could favor fans who want more overtaking.