It turns out that the West of England's bid for funds towards the cost of a South Bristol Link Road (plus the token bendy-bus route and cycleway alongside) was put on hold by Whitehall. That's even before the election, the coalition deal, and today's announcement of spending cuts. It doesn't seem to have been made public at the time, though.
Within a week of the bid going in in March, the DfT replied to say that a comprehensive spending review of its budget was to take place, affecting all major transport schemes. A decision on the South Bristol Link would therefore be delayed. They warned that "if you choose to continue work on your major scheme, it will have to be at your own risk".
It is unthinkable that the new government, with its programme of deep public spending cuts, won't take at least as strong a line.
Except for one ominous sign. The LibDems' presumption against new road building, part of their pre-election puff, has mysteriously disappeared from their website. Presumably another victim of the seductive call of power?