Highways (Financing) Bill (First sitting)
Q I have one further question for you both. You have talked about the impact of increased tolls. In terms of the overheads for the organisations you represent, could you give us a sense of what proportion tolls would be of the costs of running a business? Is there any way you can equate that to the delays that congestion causes? Is there a balance or a trade-off there? Michael Whelan: I can only really talk about the M6 toll; I will not be broader than that. What our customers pay for—they choose to pay; there are alternatives they could choose—is reliability and travel time saving. Interestingly, we have recently seen that HGV growth on our road is up more than 50% compared with pre-covid numbers. That is predominantly because of the reliability that we offer. We have also found that the freight industry in particular finds savings in terms of lower fuel costs, time and making deliveries on time. In terms of where toll money goes, we are 100% privately funded; we do not receive any funds from the Government. The money goes first of all to the Government. Like every other good law-abiding citizen, we have to pay our taxes and we do. Then it goes into maintenance, and because we are owned by pension funds, at the end of the day the residual money actually goes back into pension holders’ pockets. It is a cycle of pension investors cycling around the money. I hope that answers some of your questions.