One of Cumbria’s best known business tycoons has come out in favour of leaving Europe, declaring: “I have confidence in our country.”

Fred Story, a former owner of Carlisle United whose housebuilding and contracting firms are a celebrated Cumbrian success story, admitted that he has been torn over the June 23 referendum.

In an exclusive interview with the News & Star, he explains why he will back leaving the EU, which he accuses of squandering billions of pounds of taxpayers’ money.

His views contrast starkly with those of Cumbrians who insist staying in Europe will protect the UK economy and maintain security.

“Like a lot of people, I have been torn over this issue," he said.

“A lot of scary stuff has been said about what would happen if we leave the EU; and yes, if we do choose to leave I think the UK economy will suffer a little bit . That's obviously a concern.

“But what swings it for me is that I have confidence in this country.

“So I'm probably going to vote Brexit because what excites me about this country is that over the last ten years there have been a lot of young people wanting to start their own business. We're becoming a much more entrepreneurial country, so I believe that we could thrive without the shackles of the EU.

“I'm still torn about the choice and the issues are not black and white, but at the end of the day I have confidence in our country. I agree that there is only a minority of EU red tape that is negative but Europe is not going anywhere. It's stuck in tar. The rest of the world is the future.

“I certainly agree that the Australian model for immigration is fantastic, and it would be fantastic for this country. We're an attractive country so why shouldn't we ensure that we get only the best people to come here.

“I want my business to be an attractive place for people to work, so I want to get the very best people to work for us. So as a country we do the same – we should get the people we want.

“What I don't like about Europe is that we put £19 billion in and get £10 billion back. I could almost live with that bill but I have seen what they do with that money that comes back. It's handed out as grants and a lot of it is not well spent.

“Politicians feel good about the money they give in grants to help businesses but a lot is is spent on the wrong things. Businesses in particular have to survive on their own own merits. Let the strong survive and let the weak learn.”