LEADING councillors have welcomed the news that Cumbria could become one of 38 ‘Investment Zones’ but have called for more detail on the proposal.

New Chancellor of the Exchequer, Kwasi Kwarteng announced sweeping changes to the economy in his budget statement on Friday.

Mr Kwarteng was appointed finance boss by Prime Minister Liz Truss in her new look Government.

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Measures set out by the chancellor included a cut to both income tax and stamp duty, Mr Kwarteng also removed the cap on banker’s bonuses. Stamp duty is the amount added when buying a property.

Economic reforms are part of the Government’s Growth Plan, designed to claw the UK out of its deepening financial crisis.

Cumbria was mentioned specifically in Mr Kwarteng’s budget as it has been tapped as one of 38 ‘Investment Zones.’

Parts of the UK marked-out as an Investment Zone will see lower taxes for businesses, accelerated development and “wider support for local growth.”

Areas in the Investment Zones will be designated for accelerated development with land released for housing and commercial use.

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A Government spokesperson adds: “The need for planning applications will be minimised and where planning applications remain necessary, they will be radically streamlined.”

Bids to host clean energy technology in the county could be supported by plans to make Cumbria an Investment Zone, but councillors want more detail.

Leader of Cumbria County Council Stewart Young said: “The new Investment Zones aim to boost the local economy and improve the overall wellbeing of our communities. I look forward to learning more about this initiative and the opportunities it may bring to Cumbria and working with partners in the development of proposals.”

Portfolio holder for nuclear and commercial services at Copeland Council, David Moore said: “We’ve been told it's an Investment Zone, that’s great news, now we need to know the investment that comes with it. What does it create?

“We clearly have a very ambitious list, we’ve got the mine, fusion, SMRs, hopefully that now improves our position for getting those.

“I’m optimistic. There’s a clear message that we can prepare ourselves for good investment.”

An announcement on the region successful in hosting a one of a kind nuclear fusion reactor is expected imminently and Cumbrian leaders have campaigned for it to be sited at Moorside, neighbouring Sellafield.

Fellside, another site near Sellafield, is the focus of plans to build Small Modular Reactors, which would also be capable of producing clean energy.

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