Certainly, you can make a case against subsidising Formula 1 racing. But then, the same criteria would see the Royal Philharmonic Orchestra, Covent Garden, the Commonwealth Games, London's bid for the 2012 Olympic Games, the MCC, all cancelled or closed down.

Personally, I rather agree that the BRDC (British Racing Drivers' Club) which owns Silverstone and controls F1 racing in Britain, could do with being thrown open to public ownership, scrutiny and control. However, I would regard the loss of such a premier sports event as a shame. I believe that more than half the current Formula 1 teams are based in Britain and use British parts, labour, design, engines etc. (Even the all-conquering Ferraris depend on British design facilities for some details and facilities.) On those grounds, you could argue that the cancellation of the British GP will ultimately lead to the loss of skilled engineering and technological jobs in Britain, and therefore to a greater (though very hard to calculate) eventual loss to the economy.