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Despite this progress, the four years since funding for the bypass was initially secured from Homes England have seen a global pandemic and war in Ukraine, both of which have led to delays and unprecedented inflationary pressures in the construction industry.
This has caused significant price rises for construction schemes up and down the country, including the cost of energy, labour, and building materials and - despite £7.6m to handle price fluctuations built into the bypass’ original budget - current market conditions mean a funding gap has emerged.
To help tackle these price rises and offer greater financial protection to the Banwell bypass, the Council is now considering an additional £11.9m in funding. The majority of this funding will come from Community Infrastructure Levy and Section 106 monies collected from developers and landowners as part of local developments, and from reallocating capital reserves.
This funding is in addition to ongoing discussions with Homes England, as well as work with project contractors to maximise value for money achieved through the scheme.
Councillor Mike Bell, Leader of North Somerset Council, said: “Banwell bypass is a flagship scheme for North Somerset Council and this additional £11.9m is a clear demonstration of our commitment to deliver.
“As such, it is vital that we remain proactive and do all that we can to protect the scheme in the face of inflation and national financial challenges.
“Not only does the bypass cut journey times and traffic congestion through Banwell, but it also offers local people more choice as to how they get around, with miles of new walking, cycling and horse-riding routes providing options for more sustainable travel as we work together to achieve Net Zero by 2030.
“I’d also like to add further reassurance to residents, that the important mitigation measures included in the planning consent will not be impacted by these inflationary pressures.”
The Council decision for the additional £11.9m in funding will be taken at July’s Full Council meeting and subject to the Council’s later agreement to enter into Stage Two of project delivery.
To read more about the Banwell bypass, visit www.n-somerset.gov.uk/banwellbypass
The Full Council meeting will be held at the Town Hall on Tuesday 11 July and can be watched online. Council papers will be published on Monday 3 July and will be available at https://n-somerset.moderngov.co.uk/ieListDocuments.aspx?CId=169&MId=1059