An island weekly has launched a campaign to save its patch from what it calls “financial meltdown” caused by government funding rules.

The Isle of Wight County Press has launched its Fight for the Wight campaign with the island’s council to get a “fair deal” from central Government.

Isle of Wight Council is currently “on the edge of bankruptcy”, and one in five children live in poverty on the island.

Wage levels are 20pc lower than neighbouring mainland areas, which 42pc of families are unable to afford so-called ‘affordable housing’.

The County Press is urging the Government to change the way the island is funded in comparison to the rest of the South-East of the country, recognising its special needs.

A petition launched by the newspaper has gained 4,000 signatures in a few days, while a counterpart website and Twitter account have also been set up to support the campaign.

Editor Alan Marriott said: “We don’t generally get involved in campaigns, but this is so important I felt I couldn’t standby and let the Isle of Wight sink.

“We have a population of 144,000 and every one of those people has a stake in making a strong case to the minister. I hope the message can get through to those in power.

“Already groups from trade unions to car dealerships have signed up. Natalie Bennett, the Green Party leader, and Rob Da Bank, DJ and curator of Bestival, are among the names to have signed.”