Speaking at Silverstone today, ahead of this weekend's British Grand Prix, Scottish veteran David Coulthard has announced his retirement from F1 at the end of the season.

"I would like to announce today my decision to retire from racing in Formula One at the end of this season," said the Scot. "I will remain actively involved in the sport as a consultant to Red Bull Racing focusing on testing and development of the cars."

While he is closing the door on F1, Coulthard insists that he is not hanging up his helmet, and will continue to race, though he has yet to announce any specific details.

"I have an open mind as to whether or not I will compete again in the future, in some other form of motorsport, so I am definitely not hanging up my helmet!" he said.

"My decision to retire was taken earlier in the year," he added, " and is based on a desire to stop while I am still competitive and enjoying the immense challenge that Grand Prix driving represents. I also have the desire to look for new challenges within the sport.

"The decision to make this announcement at the British GP should be an obvious one for all to understand, as I have achieved two of my thirteen F1 victories at Silverstone and I am a member of the British Racing Drivers’ Club, which hosts this event.

"I am proud of my work at Red Bull Racing and will continue to race with the same focus until the last lap in Brazil. Thereafter I will continue to help the team develop and move towards their ultimate goal of winning races."

The popular Scot is thought to be under consideration as part of the broadcasting team when BBC takes over TV coverage from ITV next year.