The initiative was approved by the council’s planning and regulatory services committee as part of revised policy and procedures for the naming and numbering of streets.

The committee was told that in some cases the naming of a street or bridge may present a commercial sponsorship opportunity for a local company.

Proposed names would have to comply with general principles already in place and be approved by local elected members.

Head of development services Jim Grant told the committee that sponsorship opportunities were likely to be very limited but any income would be welcome in the council’s current financial situation.

He added: “Sponsorship payments may vary but it is thought that those of commercial interest could achieve a payment of £20,000.”