I don't think it'll ever happen. The logistical and financial issues surrounding such a race are insurmountable. Plus, Silverstone's owner the British Racing Drivers Club has a long-term contract to host the British Grand Prix, and at a time when nations are queuing up to join an already congested F1 calendar, it seems unlikely that Britain would get a second event.
It's interesting that Bernie has expressed such a enthusiastic interest in the proposal. Maybe it is a sly two-fingered salute to the British government and LOCOG, the Olympic Games organising committee. While other governments around the world are willing to help fund their nation's grands prix, Britain's leaders have historically been stubbornly unwilling to assist the BRDC with funding for our race.
But the government has put a huge amount of taxpayers' cash into the games – anywhere between £9bn and £24bn depending on who you believe. Even by Bernie's standards, that's a fair bit of cash, enough to land a long-term deal for an F1 race if his £35m estimate for the London GP is any guide.
True, the Olympic Games is regarded as an inclusive sport, whereas F1 is seen as an exclusive one for the very rich, but if I was in Bernie's position I'd feel slightly frustrated that the British government can justify that sort of investment in the Olympics while at the same time rule out making a long-term cash commitment to an F1 race. After all, the British government is justifiably proud of our position as a world leader in the motor sport industry, which is a strong exporter and employer.
A tangental question: why would the proposed race have to be in London? Wouldn't another city, perhaps Liverpool or Edinburgh, make a better venue and devolve some of the London-centric wealth and media attention.
If you could magic away the blight of speed humps, traffic calming measures and street furniture, where would you put your dream grand prix circuit?