Businesses could benefit from an economic boost from tax breaks if a bid to a new government investment zone initiative is successful.

An application has been made by Adur District Council, West Sussex County Council and Shoreham Port for the coastal town to become the site of one of the new zones, which aim to attract investment, support growth and jobs, as well as unlocking development and economic activity through a variety of tax breaks.

The zones will have a particular focus on cleaner alternatives to move away from fossil fuels and green energy production to reduce emissions and improve air quality.

Should the bid succeed, businesses in Shoreham could benefit from certain tax cuts, including business rates, stamp duty and National Insurance contributions relief.

Councillor Steve Neocleous, Adur District Council’s cabinet member for regeneration and strategic planning, said: “In these incredibly tough market conditions with the cost of living continuing to rise, we want to do everything possible to give the local economy a much-needed boost.

“We look forward to continuing to work closely with Shoreham Port to boost employment prospects for the long-term benefit of residents and businesses in Shoreham and the surrounding area.”

Paul Marshall, leader of West Sussex County Council, said that the opportunity would help boost the economy and businesses of Shoreham and the wider area in the county.

“By submitting an investment zones bid, we hope Shoreham Port’s green energy ambitions are supported.”

Tom Willis, CEO of Shoreham Port, said he was “very excited” to have submitted the proposal and said: “This will present a huge opportunity to attract new business and investment.”

Investment zones are one of the few remaining features of the government’s mini-budget announced by former Chancellor Kwasi Kwarteng last month before he was sacked and replaced by Jeremy Hunt.

A decision on which bids are successful is expected to be made on November 2.