Justin Madders has taken the Highways (Financing) Bill through its second reading in the Commons, advancing a regulated model intended to attract private capital into major road schemes.
The legislation would allow designated projects on England's strategic road network to be financed through a regulated asset base. Investors could receive regulated returns during construction and operation, subject to conditions imposed through project licences.
The Office of Rail and Road would regulate licensed projects. The Bill also provides for tolling and free-flow collection arrangements, with the Lower Thames Crossing expected to be the first scheme considered for the model.
Madders said public investment would continue but argued that long-term projects could also draw on private finance. He placed the Bill alongside the Government's third road investment strategy, which commits £27 billion to the strategic network.
The Commons rejected an opposition reasoned amendment by 231 votes to 76 before agreeing the Bill's second reading. MPs did not vote at this stage to approve any individual road project.
The Bill will now receive detailed scrutiny in public bill committee, which has been ordered to report by 24 November. Its financing and regulatory provisions may be amended during that process.
The legislation creates a framework rather than an immediate charge on motorists. The eventual terms, costs and user-charging arrangements would depend on the licences and regulations applied to particular schemes.
