The Highways Financing Bill has returned to the UK Parliament today for its second reading (15 October).
The bill aims to create a new funding model to assist projects such as the Lower Thames Crossing, which is being built with private investment, and ensures public finance isn’t being used.
The Second Reading comes as construction works have started north and south of the river Thames on the crossing, and the largest tunnelling machine in Europe has been ordered to help deliver this phase of the project.
The Lower Thames Crossing will improve journey times, reduce congestion, improve connectivity for cars and freight and drive economic growth, the UK Government said.
The Crossing aims to ease pressure off the Dartford Crossing and will connect Kent and Essex with twin tunnels beneath the River Thames.
In addition, through the bill, it will not lead to unregulated tolls, as the Office of Rail and Road will determine balanced and transparent caps for tolls. The crossing is currently the only confirmed project expected to use the new financing model.
Roads Minister Justin Madders said:
“For too long, drivers have been stuck in traffic while vital road upgrades have been delayed.
“By bringing in private investment, hardworking taxpayers won’t be left footing the bill through higher taxes, while major schemes like the Lower Thames Crossing can finally move forward. That means less congestion, quicker journeys and a boost for jobs and growth across the country.”
Matt Palmer, Lower Thames Crossing CEO, said:
“With construction underway and Europe’s largest tunnelling machine on order, we’re making real progress in building the Lower Thames Crossing.
“The Bill reaching its Second Reading is another welcome sign of momentum on this is vital project that will unlock economic growth and make everyday journeys easier for millions of people by tackling the chronic congestion at Dartford.”
RHA Director of Policy & Public Affairs, Declan Pang said:
“We are pleased to see the Government taking action to deliver the Lower Thames Crossing. Reliable and resilient road infrastructure is essential for the road haulage and coach industry, supporting the efficient movement of goods and passengers across the country.
“We will be interested in how the proposals develop and how the new framework operates in practice. Any new approach to financing major road projects must carefully consider the implications for freight operators, alongside the benefits of improved capacity and reduced congestion.”
Image from Shutterstock
