What is the story about?
What's Happening?
The cost of the M5 Junction 10 upgrade in Gloucestershire has increased by £70 million, leading to a £110 million funding gap. The project, initially budgeted at £293 million, now stands at £363 million due to delays, planning requirements, and inflation. The council plans to seek additional funding from Homes England and Community Infrastructure Levy contributions, while covering the remaining gap through land receipts. The upgrade aims to transform the junction into an all-ways interchange, facilitating regional growth and development.
Why It's Important?
The M5 Junction 10 upgrade is crucial for regional infrastructure, promising to unlock significant economic and developmental opportunities. The increased costs highlight the challenges of large-scale infrastructure projects, including planning delays and inflationary pressures. Successful completion of the upgrade could lead to the development of 15,000 homes and the creation of 12,000 jobs, boosting the local economy. The project is also vital for supporting key developments like the Golden Valley and National Cyber Innovation Centre.
What's Next?
The council will continue to seek additional funding sources to bridge the financial gap. Enabling works are expected to begin soon, with completion scheduled for 2029. The council's efforts to secure funding and manage costs will be critical to the project's success. Stakeholders, including local businesses and residents, will be closely monitoring progress, as the upgrade is expected to drive future investment and prosperity in the region.
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