Ever since the late 60s, various proposals have been put forward with regard to a Formula One race being held on the streets of London.

Several proposed 'circuits' have been mapped out, with London's numerous 'chocolate box' landmarks included.

Talking to BBC Radio's Five Live, just days after London was short-listed as host of the 2012 Olympics, F1 supremo Bernie Ecclestone refused to rule out the possibility of a London GP.

"Everything is possible," he said.

Although the idea of Formula One cars racing through the streets of the capital sounds exciting, there is little likelihood of such an event being held, not least because, according to Ecclestone, Britain, along with the rest of Europe will be a third-world economy.

At a time when hardly a day passes without some poor devil being seriously beaten, or in some cases murdered, as a result of road rage, the actions of certain F1 drivers would give cause for serious concern regarding their safety.

Furthermore the capitals predatory traffic wardens - who have been known to ticket a car in under ten seconds - could make pitstops impossible, while Ferrari's ability to botch pitstops due to 'missing tyres' would take on a whole new significance in certain parts of the metropolis.

It's nice idea, but it's about as likely to happen as Ferrari putting Jacques Villeneuve in the second seat alongside Michael Schumacher and saying "go for it guys!"

That said, F1 cars will run on the streets of the capital this summer, when a number of cars will take part in a demonstration to promote the British GP, this follows a demonstration by Minardi in Hyde Park last summer.

Of course, sceptics might see this as a way of persuading the British government to rethink its stance on tobacco sponsorship of the sport, and even to consider investing money in the future of Britain's round of the Formula One World Championship.

Currently, after this year's race, there is no promoter for the British GP, and therefore no event.