Veteran F1 engineer Mike Gascoyne has said that the FIA needs to impose a budget cap on F1 “for the good of the sport”. As the pressure intensifies for F1 to act on costs by the end of this month, so that a structure can be in place for the 2013 season, the last few days have seen interventions from Ferrari president Luca di Montezemolo, calling for dramatic cost reductions and FIA president Jean Todt promising FIA action to do that. Speaking at the Cheltenham Science Festival yesterday evening in a talk on “Innovation in F1”, Gascoyne, the Caterham Chief More…