The Week: Advertising news - ING scraps Renault F1 deal

ING has decided not to renew its sponsorship of the Renault Formula One team after this year.

The bank, which announced last month that it was to make 7,000 staff redundant, is also set to cut spending on the sport this season by 40 per cent. ING has sponsored the Renault team since 2007, spending around £70.2 million on associating itself with the sport.