If Francis’ speculation were correct, the toll would be the way to pay in full for restoration without needing any public funding. That would at least be consistent with the precedent that central government doesn’t pay for local roads. Indeed the A306 is by definition a local road as it is not either a national or a London strategic road, and the minister responsible described it as such four weeks ago. That then sets the simple question, is it feasible to finance the restoration solely by tolls? At least then nobody other than those who use it will have to pay, and if they’re willing to pay enough then the bridge is restored. We can estimate the level of tolls from an existing scheme Mersey Gateway, whose £600m construction was 70% funded by tolls. It carries around 60,000 vehicles a day and in 2019 toll and fine income was £50m, with the car toll £2 each way. That represents about 12% of the construction costs but also covers maintenance, collection of tolls and interest for 25 years. Using the £250m cost of restoration, the toll income for Hammersmith bridge from 20,000 vehicles a day would have to £30m a year at the same 12%, or about £4 a day. Clearly drivers are willing to pay £4 a day to use a bridge across the Mersey when the nearest untolled crossing is about 10 miles in either direction. How many of the 20,000 vehicles who previously used Hammersmith Bridge would pay £8 a day to avoid Chiswick or Putney bridges? If it’s 75%, then in fact the toll for those will have to be £6, or £12 a day - there’s no convergent solution. I therefore think it highly unlikely with interest rates higher than when Mersey Gateway was financed that anybody would be willing to bid to restore the bridge under a pure PPP, that is without government investment to lower the tolls. Essentially the market has already decided that there is no profit on offer to restore the bridge for free, relying on tolls for income, or they would have already made that offer; COWI are part of the Mersey Gateway consortium so can do the sums.
Tom Pike ● 438d