One of our challenges to unlocking the West of England’s full potential is ensuring we have the right infrastructure to enable people to move around our region.
The West of England Combined Authority (WECA) has powers and funding, including:
- £1 billion of investment to deliver infrastructure to boost economic growth. Government will provide £30m a year for 30 years for the creation of a West of England Investment Fund. Additional funds will come from other sources. Decisions on which projects to fund are based upon their contribution to supporting clean and inclusive economic growth and fit with the emerging Local Industrial Strategy. WECA will target investments which generate a financial return or lever in a significant proportion of the project funding from other sources to maximise the impact and benefits derived from the Fund. It is expected that WECA will play a key role in leading the delivery of this investment programme. All business cases and funding decisions are approved by the WECA Committee.
The way in which the Investment Fund operates is set out in an assurance framework. To date, the only scheme to have been fully approved for funding is the Delivery of Real Time Information Systems Upgrade. In addition, to support the prioritisation process and maintain momentum, the following schemes have been awarded Feasibility and Development Funding.
- Devolution of multi-year transport budgets, enabling the area to deliver transport projects with greater certainty that the funds are in place. This will be coupled with further powers over transport, including responsibility for a Key Route Network of selected local roads.