SOUTHAMPTON will fight for its “fair share of resources” as it explores the possibility of hosting one of the government’s new “investment zones”, its council leader has said.

Chancellor Kwasi Kwarteng named the city as one of 38 possible areas for the new low-tax business areas.

The government also picked the replacement of the Northam Rail Bridge as one of 16 infrastructure projects in the South East that would be accelerated in a bid to boost growth.

READ MORE: Southampton named by chancellor as potential base for low-tax 'investment zone'

Cllr Satvir Kaur, leader of Southampton City Council, said: “Southampton deserves its fair share and currently it doesn’t get it.

“We have been asked along with several others to put in an expression of interest, but there is no guarantee of anything, or what it will mean.

“Irrespective, we will continue to fight for our fair share of resources, maximising any benefits this may bring and making the case that levelling up is about need, which Southampton has, rather than geography.”

The government says it is in discussions with councils who have expressed an interest in setting up investment zones.

It says businesses in the chosen areas will get time-limited tax benefits, and that the planning process will be “radically streamlined” to allow accelerated housing and commercial development.

The government says it has written to leaders in every part of England to invite them to begin discussions on the issue. The 38 chosen areas were those “keen to be involved now”, with more to come.

The move has already been welcomed by Peter Taylor, president of Hampshire Chamber, who said: “It’s vital for businesses and local authority partners to work together on this to seize the opportunity that will come from the tax relief measures and the more liberal planning rules that will come into place.”

READ MORE: 'Growth at any cost': Reaction to Kwasi Kwarteng's tax-cutting budget

The proposal came as part of Kwasi Kwarteng’s “mini-budget”, whose tax cuts and high borrowing triggered a sharp drop in the value of the pound against other currencies.

Mr Kwarteng, told the House of Commons: “The time it takes to get consent for nationally significant projects is getting slower, not quicker, while our international competitors forge ahead. We have to end this.”

He added: “To support growth right across the country, we need to go further, with targeted action in local areas."

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