The Bristol and Bath region is set to receive a major cash boost under plans by Prime Minister Andy Burnham to give "more money and more power" to local leaders.
The West of England Combined Authority (Weca) is in line for a share of £285m, which could be used for projects such as building more homes, improving transport and revamping high streets by bringing back empty shops.
Chancellor's Budget and New Powers
The proposals are part of Andy Burnham's pledge to give regional mayors more control of local spending in a bid to drive economic growth.
According to John Healey, who will deliver his first Budget as Chancellor on Wednesday, the plans mean West Country leaders will no longer have to go "cap in hand" to Whitehall and will reduce reliance on "fragmented" bidding pots.
"Local people have the right to decide their own future," he said. "The South West is full of potential – but it has gone untapped and wasted while money and power has been held in Westminster."
Reaction from Local Leaders
Areas which are not yet strategic authorities will also be able to access a share of the money to unlock projects, the government said. It has also pledged to work with mayors to design a new £1.5bn borrowing facility from 2028.
The news was welcomed by Weca mayor Helen Godwin, who said "more money and more power" for the West would create more jobs for local people and more economic growth for local businesses.
"Devolution will put our future into our hands," she said. "The Chancellor's Budget on Wednesday is set to be another big moment for us here in the country's fastest-growing regional economy."
Regional Economic Impact
The news comes just days after Weca announced a huge new fund for building projects across the Bristol and Bath region, which it said would boost the local economy by around £1bn, while creating nearly 1,200 jobs a year in construction alone.
The West of England contributes £54bn to the UK's economy, according to Weca, making it one of the "most productive" regions outside of London.
