To ask Her Majesty's Government on what date Severn River Crossing plc is expected to be taken into public ownership; and what is the financial calculation behind the expected date of transfer.
There are no plans for Severn River Crossing plc (SRC), the company which operates the Severn crossing, to be taken into public ownership.
Under the Severn crossings concession agreement, the assets will revert to government ownership when either the SRC has collected a defined sum of money from toll revenue (£995,830,000 in 1989 prices), or 30 years after the start of the concession, if this is sooner. The end date is currently predicted to be in the first half of 2017.
This forecast end date is calculated by using a financial model which is based on actual traffic and revenue to date, together with future forecasts of traffic levels and tolls.