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F1 would carry on without a British GP, in the same way as it has done for years without the French GP, and will without a German GP etc.
Much as teams might complain to the media, I dont expect that they would see the lack of a British GP as the end of the world. I doubt many sponsors would care whether their logo is seen on a TV screen on a car in Northampton, or on a TV screen on a car in Nagpur.
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