Kimi Raikkonen at the 2007 Australian Grand Prix Photo: Ferrari

December 10, 2007 Last Friday, at the World Motor Sport Council in Monaco, the FIA, which governs Formula One racing, made a decision to immediately freeze engine development for the next 10 years. Unbelievably, the engine each F1 team presents and homologates by the end of next March will be the engine that team races until 2017 – and the billions of Euros normally spent on engine development will be channeled into peripheral systems. The FIA sees development outside the engine, such as with Kinetic Energy Recovery, as a far more valuable contribution to road car development than spending money on squeezing another 1000rpm and 30 horsepower out of an engine that's already spinning three times as fast as the one in your family sedan.