Experts say they have "great concerns" about Cumbria's future, after the key backer behind the county's planned nuclear new build revealed it is in serious financial trouble.

Japanese giant Toshiba announced this week it had made a loss of £3.8bn and had "substantial concerns" about its ability to stay in business.

It has a 60 per cent stake in NuGen - which has plans for a power plant at Moorside, near Sellafield. It will soon take complete control of the company, following a decision by ENGIE to sell its 40 per cent share to Toshiba.

This is one of the biggest developments ever planned for Cumbria, and is set to create thousands of jobs in the county.

Professor Frank Peck, research director of the centre for regional economic development at the University of Cumbria, said Moorside is fundamental to plans for the county's future.

"If you look at the skills plan developed by the LEP (Local Enterprise Partnership, a business group) it has sections on future job growth that have got a great deal about what happens in nuclear - it is a significant aspect," he explained.

"Issues like this are a great concern."

Martin Forwood, the campaigns coordinator for Cumbrians Opposed to a Radioactive Environment (Core), which opposes nuclear development, was less concerned by the news.

He said: "It was really great news for us, because the one thing that could hit Moorside on the head is its biggest investor having troubles.

"Toshiba have a 60 per cent stake in NuGen and for months they have been trying to get the South Koreans involved."

He described claims about the number of jobs which would come from Moorside as "mischief-making" by trade unions, and said an expansion of nuclear industry jobs would not attract investment from other sectors to Cumbria.

Mr Forwood also said there would be decomissioning work at Sellafield "for the next 150 years".

A spokeswoman for the Department for Business, Energy and Industrial Strategy, said: “The UK Government is committed to new nuclear as an important part of our energy mix, having commissioned the first new nuclear power plant in a generation at Hinkley Point C.

"The NuGen consortium has always planned to bring in other partners to deliver the project and we engage regularly with a range of developers and investors.

"The Secretary of State visited South Korea last week for talks on future collaboration between our two countries, including on potential civil nuclear projects."

A NuGen spokesman yesterday reiterated its position, saying it continues to work with its shareholders to conclude the shareholding transfer from ENGIE to Toshiba, and to bring in additional investment to the Moorside project.