Tunnels operator makes a profit - but tolls are still set to rise

SHAREHOLDERS GET FIRST DIVIDENDS

- By DANIEL HOLLAND Local Democracy Reporter

AN increase in the Tyne Tunnel toll is expected to be signed off next month - despite its reporting a large profit this week.

Proposals to raise the cost of using the river crossing once again are due to be presented to North East mayor Kim McGuinness and council leaders in February.

Currently, the tunnel tolls are set at £2.50 for cars and vans and £5 for larger vehicles. Those fees are expected to rise to £2.60 and £5.20 from May 1, pending the approval of the North East Combined Authority cabinet on February 3.

This week, tunnel operator TT2 Limited has posted new financial results showing that it made a post-tax profit of £6.5m in 2024/25 and has paid dividends to its shareholders for the first time handing over £8m last year.

A spokesperson for the mayor's office confirmed: "A decision over whether to increase Tyne Tunnel tolls on May 1, 2026 will be taken to the next North East Combined Authority Cabinet meeting. The proposal is to increase the toll for Class 2 vehicles by 10p and Class 3 vehicles by 20p.

"A 'Shadow Toll' is used to calculate the amount paid to TT2 Limited per journey, which increases every January based on the retail price index (RPI) and is a contractual commitment as set out in the contract agreed in 2007. Tolls charged to drivers need to remain aligned with this figure."