Express & Star

Call for fresh look at M6 Toll nationalisation

The Black Country's biggest business organisation is calling for a fresh look at nationalising the M6 Toll after reports that sale plans have stalled.

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Corin Crane, chief executive of the Black Country Chamber of Commerce, said: "Almost every business we speak to in the Black Country mentions congestion and movement of goods as one of their key issues.

"We desperately need to make better use of the M6 Toll and public ownership of this road may help avoid the critical delays that will become commonplace once improvements to the M6 and M5 take place in the coming years."

The toll motorway has been up for sale for about £1.9 billion – enough to allow the lenders which backed the project to fully recover their money.

The 27 lenders, including major banks such as Crédit Agricole, Commerzbank and Novo Banco, took control from previous owner Macquarie in December 2013 following debt restructuring.

They are said to be considering some kind of refinancing deal to lower costs while they continue with efforts to sell.

A consortium of bidders are thought to be unwilling to meet the asking price, which the Black Country Chamber of Commerce says is raising questions over the viability of the banks' preferred strategy.

"Vehicle use of the road is significantly below initial expectations and the uncertainty over traffic revenues allegedly engendered by Brexit may have dampened investor appetite," said the chamber.

There have been increasing calls to nationalise the M6 Toll.

The 27-mile stretch of road, intended to ease congestion on the main M6, charges cars up to £5.50 and lorries up to £11.

Operated by Midland Expressway, a Macquarie subsidiary, it was originally expected to handle 72,000 vehicles a day, but the average is only 57,000.

The chamber says it is 'likely' that removing the toll would significantly ease pressure on the M6 around Birmingham and the Black Country, particularly as major engineering works are set to take place over the coming years.

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