• Swindon & Wiltshire Economy
• Wednesday October 14 2026

£130m fund launched to unlock £1bn West of England growth

A new £130 million investment fund has been launched to help deliver a £1 billion economic boost across the West of England, with plans to unlock thousands of homes, jobs and commercial developments.

The Future Places Fund is the largest single investment in the history of the West of England Mayoral Combined Authority. It will operate as an evergreen revolving fund, with returns reinvested to support further development.

The initial £130 million comprises £45 million from the national Brownfield Housing Fund, £20 million from the region’s Transport for City Regions allocation and £65 million of strategic borrowing by the combined authority.

Officials expect it to leverage hundreds of millions of pounds in additional public and private investment.

By the end of 2029, the fund is forecast to help build up to 370,000 sq ft of commercial space and unlock around 2,000 new homes, while supporting almost 1,200 construction jobs each year.

Over a decade, modelling suggests it could directly support up to 6,000 homes and more than 1.35 million sq ft of commercial space, generating up to £976 million for the construction sector and supply chain.

West of England Mayor Helen Godwin said: “As big as our £1 billion ambition is, good growth is not just about numbers. It’s about people seeing that they can afford to live and work in places like Bath and Bristol, and seeing their place in our bright future.

“The Future Places Fund can unlock thousands of the new homes and new jobs that local people need. It will help deliver change for all of our communities to see and feel.”

Prime Minister Andy Burnham said: “Good growth means growth that people can see and feel in their own communities. The Future Places Fund will be reinvested, so public money keeps working year after year.

“That means homes get built, sites are brought back into use, and good jobs are created right across the region. This is what devolution is for.”

Chancellor John Healey said: “This £65 million of government funding is helping bring public and private investment together, building more homes and creating good jobs and opportunities across the region.

“That is how we deliver good growth in every postcode.”

The announcement comes as the West of England positions itself as the country’s fastest-growing regional economy. Its economy was worth more than £54 billion and grew almost three per cent in 2023, outperforming every other combined authority area and London.

The fund forms part of a wider £17 billion Investment Prospectus, which includes major schemes at Bristol Temple Quarter, Brabazon and the West Innovation Arc, alongside the Bath Riverside Innovation District.

Plans for the fund will be published ahead of a meeting of the Mayor and council leaders on 23 October. Subject to committee approval, a fund adviser will be appointed and the scheme launched in November.