Severn Tolls Make Over £100m
The Severn bridge tolls on both the original and second crossings raised more than £100 million last year, after a four per cent increase in toll paying vehicles.
Revenue from toll charges is being used to pay off debt finance before both bridges return to public ownership next year. Severn River Crossing Plc’s accounts show that in 2016, turnover from the bridges rose by 5.3 per cent from £98 million to £103.2 million. Pre-tax profit also increased to £44.5 million, up from £38.8 million the year before.
The income generated was used to repay an £80 million bank loan during the year. Car journeys increased by 4.4 per cent, light goods vehicles trips by 1.7 per cent and heavy goods vehicles crossing by 2.9 per cent. In 2016 more than 14.4 million vehicles paid the tolls. Plans to reduce tolls on the bridges when they go into public ownership were revealed by the UK Government earlier this year.
Under the proposals, cars will pay £3 instead of £6.70, small buses or vans will pay £3 instead of £13.40, and lorries and coaches will pay £10 instead of £20. A ‘free-flow’ charging system and day only charges are further options being considered.