Businessman unveils £100m scheme to lighten Humber Bridge debts millstone

INVESTORS could provide the answer to the long-running dispute over the cost of crossing the Humber Bridge under ambitious new plans unveiled yesterday.

Businessman Malcolm Scott has come up with a 100m plan to purchase the Humber Bridge's 330m paper debt and break the stranglehold of ever increasing tolls on the local economy.

Mr Scott, a chartered surveyor and senior partner of Hull's biggest commercial property practice, says an unnamed financial institution is interested, although he would prefer funding to be raised locally.

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Under the plan the tolls would continue for eight years to pay off the 100m and motorists would then pay around 1 per crossing to pay for ongoing maintenance and repair, with the bridge run by a community interest company, the current bridge board or other partnership.

Mr Scott said: "I have been told by an international bank that the structure I propose is both fundable and at an interest rate that fits my financial model, although I'd rather focus on raising the capital from the region so returns could be spent within the region.

"I understand that Government ministers are looking for ways of resolving the long-standing issue in perpetuity and hopefully this idea fits the bill."

The loss of the outstanding revenue would be compensated for by stimulating the local economy, which would bring more money into Government coffers. The Treasury is currently reviewing options – including abolishing the tolls – which local authorities and MPs have been pushing for.

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According to consultants Colin Buchanan dropping the tolls could give the region's economy a 1bn boost over 22 years.

A public inquiry will be held in March into increasing tolls, making the cost of a return journey for a car 6 and the largest HGV 40.60.

Labour MP for Scunthorpe Nic Dakin said: "Based on opportunities in the Humber now, the Siemens announcement (on building offshore wind turbines in Hull) Able UK wanting to develop green energy, I think there's a very strong argument for reviewing tolls now to allow the Humber to prosper."

Tory Brigg and Goole MP Andrew Percy said: "They are a well established local business and they have certainly given us something radical to think about. It may be that we need a radical solution. However my primary focus is the Treasury led review which the Government is presently undertaking."

Richard Kendall, from the Hull and Humber Chamber of Commerce, said it was a "creative" proposal, which the Treasury should consider.