The UK plans to ease its regime on allowing motorsport events to take place on public roads and highways, Prime Minister David Cameron announced at the opening of Formula One team Williams’ new motorsport engineering facility in Oxfordshire, the Guardian reports.

The proposed deregulation bill will give local authorities the power to approve motor races within their jurisdiction – something that currently only Parliament can do. Expected to provide a green light for many events – from motorcyle races like the Isle of Man TT to, ultimately, a Formula One race taking place in London – the deregulation bill is scheduled to go through the House of Commons this autumn.

Under the proposed regime, and after consulting with local residents, local councils will be able to approve motor races that comply with a series of strict safety tests. According to the government’s estimate, about 20 races might take place on public roads in the country each year. This will give local communities the chance to earn millions of pounds. Furthermore, local councils will have the opportunity to boost the economies of their counties by attracting tourists, creating new jobs and bringing in more prosperity.

Right now, it is a criminal offence to participate in a motor race on a public highway in the UK, unless it is been staged through an Act of Parliament. The Guardian gives an example with the Birmingham Superprix held between 1986 and 1990, but only after the Birmingham Road Race Act passed through Parliament with the support of Margaret Thatcher’s government.