Millions of pounds of funding for projects in the West have been withdrawn by the South West Regional Development Agency (SWRDA).
The agency's budget for the next two years has reduced from £316m to £260m.
Redevelopment schemes in Burnham-on-Sea, Cinderford and Trowbridge in Wiltshire have been hit by the cuts.
Cash for projects at St Philips Marsh and Westmoreland House in Bristol and the former Morlands site in Glastonbury has also been withdrawn.
The agency said it is happy with the funding cuts
"We've had to look very hard at our priorities and make some very difficult decisions," said SWRDA executive director Stephen Peacock.
"We are confident that the £260m that we now have to invest is being invested in things that will deliver jobs and skilled jobs in the future."
Several projects, including the Science Park and Hengrove Park projects in Bristol, survived the cuts and will jointly receive up to £20.4m.
In Gloucester a further £10m will be pumped into the development of the docks and almost £3m will be brought forward for the regeneration of Swindon town centre.
In Somerset the redevelopment of Taunton town centre will continue to receive funding as will the Nuclear Academy project in Bridgwater which will educate and train the workforce for Hinckley Point.