Hamble and other areas around the Solent could be key economic winners from the European victory in the America's Cup yacht race, according to local MEP Chris Huhne, a former economist.

Mr Huhne has written to the Sports Minister Mr Richard Caborn to ask him to support work on a bid to host the competition as a matter of urgency, given the benefits for the Solent economy.

The French port of Sete is already gearing up to bid for the competition with the backing of the French Sports Minister.

Sete's mayor estimates that the contest has brought £210m to the New Zealand economy and Mr Huhne said: "We must not be left behind."

He added: "I don't believe the benefits can be as big as this French estimate of £210m, but hosting the America's Cup would be an enormous shot in the arm for the local economies of Cowes and other towns around the Solent including Hamble, Lymington and Southampton.

"If we hosted the contest, it would create literally hundreds of new jobs around the Solent. It would benefit the yacht-builders and chandlers and marinas but also the hotel, restaurant and pub trade. The Solent has a clear advantage over any other European venue for the race because of our yachting tradition."