Regional partners in south west England are proposing to establish a fund to pay for essential infrastructure costs as the region attempts to develop 150,000 homes by 2016.

The document, known as The Way Ahead, has been put together by the South West of England Regional Development Agency (SWEARDA), the South West Regional Assembly and the Government Office South West.

A revolving fund would finance infrastructure costs, so as to ensure that developers have funding to kick-start the scheme. Money will then be recouped from developers once in profit.

Priority schemes outlined in the paper include a new settlement in Exeter and an economic regeneration programme in south Bristol.

SWEARDA have already held talks with several financial institutions.