Balfour Beatty is lined-up as main contractor on the scheme which will see an 850-space park and ride facility, including cycle parking and electric car charge points, built to the north-west of Eynsham.

Balfour will start main construction work next year with completion due in mid-2024.

The A40 is currently one of the last-remaining main roads through Oxford that lacks a park and ride service.

Works will also see the creation of a three-metre wide separate path for cyclists and pedestrians along the route of the A40 from Witney to Oxford, replacing the existing narrower path.

This will include safe, signal-controlled crossings for cyclists and pedestrians at various junctions, making greener modes of travel more accessible to people in the area.

Councillor Duncan Enright, Cabinet Member for Travel and Development Strategy, said: “We are delighted the funding is confirmed to support transport, particularly regular swift buses and world-class cycle lanes, along this major route.

“For years residents in West Oxfordshire have had to endure congestion on the A40 and its impact on every aspect of their lives.

“This key project will not only deliver safer and more reliable travel options between Witney and Oxford, but support the growth of much-needed jobs and housing in the area. All while promoting vital sustainable transport.”

The total cost of the scheme comes to £49.3m, with the remaining funding coming from the Oxfordshire Growth Deal – Oxfordshire Local Enterprise Partnership and private developer contributions.