In a speech made on 29 January 2025 at Siemens Healthineers in Oxfordshire, chancellor of the exchequer Rachel Reeves claimed that the government will be exploring the option of privately financing the construction of the Lower Thames Crossing.
In this speech, she also announced that the government would endorse the expansion of Heathrow Airport, including the addition of a third runway, which she claimed “could create over 100,000 jobs”.
The Lower Thames Crossing has been described by National Highways ‘a proposed new road that would connect Kent and Essex through a tunnel beneath the River Thames’. It claims that the crossing ‘will almost double road capacity over the river east of London to reduce congestion and give millions of people more choice on where they live, work and spend their valuable time’.
On the construction of the Lower Thames Crossing, Reeves said: “We are not wasting any time, and we will move forward with the next stages of the Industrial Strategy ahead of its publication in the spring. We will work with the private sector to deliver the infrastructure that our country desperately needs.
“This includes the Lower Thames Crossing, which will improve connectivity at Port of Tilbury and Dover, London Gateway and Medway […] alleviating severe congestion […] as goods destined for export come from the North, and the Midlands and across the country to markets overseas.
“To drive growth and deliver value for money for taxpayers, we are exploring options to privately finance this important project.”
In November 2024, Andrew Baxter, CEO of logistics firm Europa Worldwide Group, voiced his support for the construction of the Lower Thames Crossing, after the government delayed a decision on the matter for a third time.
With a 27,000ft² European transit hub next to the Dartford Crossing, Europa Worldwide Group believes that congestion at the Dartford Crossing is ‘stifling economic growth and causing huge financial burdens for British businesses’.
Following Reeves’ announcement this week, Baxter said: “Logistics UK estimates that up to £200 million is lost every year in productivity due to congestion at the Dartford Crossing, with businesses across the country feeling the pressure of delays to deliveries.
“This pressure can cause thousands of pounds worth of delays for us, our customers and British business. Delays in transit pose a risk to reputations, not to mention the financial consequences of not being able to meet consumer demand.
“Therefore, we are strongly of the opinion that the Lower Thames Crossing will drive growth for businesses, offering them more opportunities to trade with their British and European markets, and thus boosting our economy – a key objective for the government’s growth mission.”
He concluded: “If growth is a priority for our government, the importance of an alternative trade route cannot be understated.
“For British businesses, who have already had to contend with changes in how goods move across borders post-Brexit, the Lower Thames Crossing promises a significant lifeline, streamlining connections across the UK and into Europe, improving transit times, and enabling economic prosperity.”
