THE final phase of a £15m flood alleviation scheme for the river Cherwell will start on Friday.

It is hoped the scheme will reduce the risk of flooding to more than 500 properties in North Oxfordshire.

Since Banbury flooded in 1998, the Environment Agency has been working on a comprehensive scheme to protect the town from river flooding. It includes a flood storage area by the M40 and flood defences at Wildmere Industrial Estate, Tramways Industrial Estate and Moorfield Brook.

Tony Baldry, MP for Banbury, will join Environment Agency staff to kick-start construction this week.

He said: “Ministers have described this as a model scheme, bringing together public and private funding for the benefit of the whole town. I am very pleased to see the final phase underway.”

The scheme has been made possible with £2m from Cherwell District Council, £300,000 from Network Rail and £450,000 from Thames Water.