2 NOVEMBER 1991, Page 34

Bridging finance

SOMETHING unusual happened this week. A major civil engineering project was brought in on time, on budget, and off the Government's balance-sheet. This is the missing link in the M25 — the bridge over the Thames to supplement the Dart- ford tunnels, with their celebrated tail- backs. The work is financed from the proceeds of the tolls, and when the con- tractors are paid off, the bridge will revert to the state. It is a variant on the financing method which has got Eurotunnel this far — over budget but on time — without a penny of public funds behind it. That, indeed, is the strength of Sir Alastair Morton's bargaining position, and puts the bite into his bark.