Ministers give green light to 10 billion.

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The ministers gave the road of £ 10 billion between Kent and Essex called “Lower Thames” after many years of delay, and in the private sector is expected to finance most of the project.

Transport Secretary Hidi Alexander on Tuesday approved an order for the development of a long -awaited project.

The road and a tunnel in 14 miles will be the first completely new Thaza river, which crosses the east of London for 60 years.

The decision was registered earlier on Tuesday Financial Times.

The government is looking for positive ads to make ahead of the spring statement Rachel Reves on Wednesday, which is expected to be gloomy, and the growth forecasts will decrease and deep cuts.

One official said the project would be a “key strategic way” for drivers, cargo and logistics, improving communication between South England and Midlands and unlocking regional economic growth.

“This demonstrates the commitment of this government to ensure the vital infrastructure that the country needs,” they said.

The scheme became a symbol of the British Planning System, which has more than £ 1.2 billion, despite the fact that construction has not yet begun.

The money was spent on planning, advice, traffic modeling, environmental assessments, legal and consulting fees and land purchases.

The project planning document works on 359 070 pages, which is almost 300 times more complete by William Shakespeare.

The cost of the tunnel project has already risen from £ 5.3 billion and £ 6.8, when it was first agreed in 2017 for a current forecast of about £ 10 billion.

Construction is expected to begin in 2026 or early 2027 before the planned opening by 2032.

The government does not yet decide which method of private finance to use in the project, and the decision expected at the end of this year is the Treasury.

The proposal to have a “adjustable asset database” model (Rab) – in which private investors raise paid income from the road to return their investment for the life of projects – promotes treasury, according to people who know the discussion.

This option will cost a treasurer by 200 million. Petrons more than previous expenses than the government paid for this scheme directly, according to a recent national highway document.

The model used on the new Tideway London sewer will require almost £ 2 billion to attract private investments of 6.3 billion pounds, taking the total cost of the project, at least 9.4 billion pounds, shows the figures.

National highways point out that there will probably be “interest in the market for regulated delivery option”, citing projects that use the same structure, including the Sizewell C. Nuclear Station.