Humber Bridge Board

Transport written question – answered on 22nd October 2008.

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Photo of David Davis David Davis Conservative, Haltemprice and Howden

To ask the Secretary of State for Transport how much debt was owed by the Humber Bridge Board in each year between 1982 and 2008; and what the rate of interest charged each year was.

Photo of Paul Clark Paul Clark PPS (Rt Hon Ed Balls, Secretary of State), Department for Children, Schools and Families, Parliamentary Under-Secretary, Department for Transport

holding answer 21 October 2008

Figures for debt outstanding are as follows:

Debt outstanding (£ million)
1982 151.0
1983 168.5
1984 188.1
1985 210.0
1986 234.4
1987 261.6
1988 292.0
1989 326.0
1990 363.8
1991 406.1
1992 453.3
1993 453.3
1994 453.3
1995 453.3
1996 453.3
1997 453.3
1998 359.3
1999 354.3
2000 349.0
2001 349.0
2002 349.0
2003 341.6
2004 337.0
2005 335.6
2006 334.4
2007 333.4
2008 332.8

Prior to 1998, debt was due to both the Public Works Loan Board and to the Secretary of State. It has not been possible, in the time available, to establish the rates that applied in all years up to 1998, but in 1998 the effective rate was 11.62 per cent.

Under the provisions of the Humber Bridge (Debts) Order 1998, the Government agreed to repay loans outstanding with the Public Works Loan Board amounting to £62 million. Interest on the remaining loan of £359.307 million was fixed at 7.75 per cent. p.a. with interest charges being suspended on £240 million of the debt.

In June 2007, the debt was restructured to give the effect of applying an interest rate of 4.25 per cent. to the whole of the outstanding debt.

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