F1's governing body is proposing a three-stage imposition of the annual teams' budget cap, beginning next year.

The German magazine Auto Motor und Sport cites the information of independent team co-owner Sir Frank Williams in revealing that the proposed cap will be made more severe every year until 2011.

In 2009, the cap is proposed to come in at 150 million euros (£120 million), reducing to 130m (£104m) and 110m (£88m) respectively over the next two years.

Driver and team boss salaries, as well as engine and marketing costs, will reportedly not be included in the cap.

Williams supports the introduction of budget caps.

F1-Live / Eurosport