Budget increases to £5.3b
The budget for the Cambridgeshire and Peterborough Combined Authority - headed by Mayor James Palmer - is estimating its budget to increase from £146 million in 2020/21 to £5.3 billion in 2021/22.
The budget increase is due to key projects moving from the planning stage to works beginning. Projects include the £1.5 billion rapid transport system (metro) in Cambridge, for which an outline business case is being drawn up, £2.5 billion to extend the M11 to the A47, and dualling of the A10 and A47.
A combined authority spokeswoman said funding considered for the projects includes Land Value Capture (recovering money through the increased value of properties as a result of the works) and private investment.