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The South East Midlands LEP (SEMLEP) will submit a proposal to create an enterprise zone in Northampton. Up to 14,000 jobs and 'hundreds' of new businesses could be created if the plans for Northampton Waterside are approved.

The site was selected by the board of the LEP from eight potential applications. A final submission will be made to government by 30 June.

Sectors such as high performance engineering will be promoted to grow at the river-front location, said the LEP board.

In a statement, the board said the site was chosen because of its strong links with Silverstone and Rockingham, as well as high-profile businesses including Mercedes Benz, Mugen Motorsport and Ilmor Engineering.

Brian Hibbert CBE, chair of the interim SEMLEP board, said: "This is an excellent opportunity for SEMLEP to put forward a strong bid to the national competitive process. The Northampton proposal will bring benefits locally, to SEMLEP and to UK PLC."

David Palethorpe, leader of Northampton Borough Council, said: "Northampton has a proven track record for growth and enterprise and this enterprise zone initiative is the stimulus we need to create thousands of new jobs bringing prosperity to our town and the wider SEMLEP area. We appreciate the support shown to our bid by the Board and will continue to work within the partnership of SEMLEP."

Paul Griffiths, chief executive of Northamptonshire Chamber, added: "According to the proposal, the Northampton Waterside Enterprise Zone would create 14,000 jobs and hundreds of new businesses. Those figures are astronomical. If this proposal was accepted by the government, it would be fantastic news for the county and its economy and will allow the private sector to significantly boost economic growth in the area."