The latest rule changes earmarked for Formula One could propel Toyota to the head of the field. But not in the way the Japanese giant might like. Such is the dismay at the proposed £40M budget cap for the 2010 season that Toyota team boss John Howett said if the outlined changes stay as they are Toyota will withdraw from F1.

Howett also claims that Toyota would not be the only team to pull out of F1 should the budget cap proposal come to fruition.

“If nothing changes, we won’t be submitting an entry,” Howett told Reuters at the Spanish Grand Prix. “But I don’t think that is a unique opinion among other competitors.”

The draft budget cap plan will offer teams who abide by the £40M limit greater technical freedoms and advantages that many in the F1 paddock think would be insurmountable for teams operating outside the cap. It’s kind of ironic that a team with an operating budget under £40M could produce a car as much as two seconds a lap quicker than a team with no spending limit. However, that is the belief Patrick Head from Williams holds, as reported on autoblog (link below).

Okay, so why don’t all teams comply with the cap? Well, such is the degree of spending in the sport now that a reduction in budgets would bring countless job losses as teams would need to sack staff in order to comply.

[Source: guardian.co.uk via autoblog | Pic: Toyota-F1.com]