Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Bonds could fund Scottish transport links

A SCOTTISH Transport Board with powers to raise £200M a year should be created to tackle the country's travel infrastructure problems, a Government think-tank has proposed.

The idea comes from the Transport Pathfinder group, one of 13 industry groups set up by the Scottish Office to consider implications of devolution.

The STB would use revenue from congestion charging and tolling schemes to raise leveraged funding. Given annual revenues of £25M, the Pathfinder group believes the STB would be able to borrow 'seven or eight times that amount'.

It adds: 'The Bond would bear interest at near-gilt-edged rates which are much cheaper than the venture capital costs of PFI funding.'

The Pathfinder group suggests the new funds could be used, for example, 'to reduce the Kingston Bridge bottleneck in Glasgow' or 'to complete the M74'.

Further support for using tolls to upgrade transport infrastructure comes from the Construction Pathfinder group.

The Construction group, which was chaired by Morrison chairman Sir Fraser Morrison, claimed: 'Real tolling of the M8, for example, could not only provide the finance for the necessary improvement plans recently shelved, but in the longer term could produce a flow of revenue which could be targeted at improving the rail infrastructure between Edinburgh and Glasgow.'

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.

Related Jobs