Despite setting aside £7.6m in scheme's original budget to protect the bypass from changing construction costs, the four years since funding was initially secured from Homes England have seen unprecedented price increases caused by the Covid-19 pandemic and the war in Ukraine.
The agreed £11.9m funding, which comes from Community Infrastructure Levy, Section 106 monies and reallocated capital reserves, will help tackle these inflationary pressures and meet globally increased costs of fuel, construction material and labour.
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Councillor Mike Bell, Leader of North Somerset Council, said: "Banwell bypass is a landmark project for us, one that will cut congestion through Banwell, making it a safer, cleaner place, as well as delivering a range of other local improvements such as miles of new walking, cycling and horse-riding routes.
"In agreeing additional funding, we are demonstrating our continued commitment to delivering the project and the benefits it is set to bring to North Somerset. For every pound we spend, the completed scheme is expected to return £2.27 in value, making it a vital component in unlocking regional growth for our communities.
"We are also continuing positive conversations with Homes England and are seeking further financial contribution from them, as well as working with contractors to ensure we are getting the best value for money before we begin construction."
The additional £11.9m is subject the remainder of the additional costs being met by Homes England and the outcome of the public inquiry into Compulsory Purchase Orders (CPOs) needed to build the bypass. The inquiry is being held at the Grand Pier and is expected to last until Friday 28 July.
