Humber Bridge tolls may be cut after debt deal agreed

Chancellor George Osborne is expected to announce an agreement to substantially reduce the £320m debt in Tuesday’s Autumn Statement after Ministers accepted that the bridge’s current financial situation is “unsustainable”.

It is hoped that the deal will allow tolls – which have hit £3 for cars – to be cut early next year, providing a boost to the economy on both banks of the Humber.

The Government has been considering three suggestions to write off the bridge’s debt in return for £100m.

Although details of the deal have not been disclosed, it is expected to involve a significant write-down off the debt with local authorities and business leaders involved in designing new management arrangements.

In a joint statement, Local Transport Minister Norman Baker and Economic Secretary to the Treasury Chloe Smith said they that had a “useful and productive” meeting with Humber MPs yesterday as part of their Humber Bridge Review.

“We are clear that the current finances of the Humber Bridge are unsustainable, for historic reasons, and we are looking at positive options to ensure the future financing of the bridge is sustainable for local communities and national government,” they said.

“We also attach importance to close engagement in the management of the bridge from local elected representatives and business people, working together.”