East Riding of Yorkshire Council secures funding from the National Wealth Fund for Howden Relief Road

The National Wealth Fund has announced today that it is providing a £40.6m loan to East Riding of Yorkshire Council to support construction of the Howden Relief Road. The major infrastructure project is designed to support long-term economic development in the region, unlocking approximately 1,800 new homes, and helping deliver commercial and community facilities for the area. The relief road will also allow the extension of the existing Howdens kitchen factory supporting the creation of hundreds of jobs. 

Confirmation of the debt financing marks the Fund’s first deal supporting the delivery of a new road and aligns strongly with its strategic ambition to accelerate placed-based investment, while also supporting the council in meeting its housing targets.   

The road which is under construction is expected to open in 2027. It will be approximately 1.7 km long between the B1228 Station Road and the A614 Thorpe Road, with a combined cycle and footway on both sides.  

The project includes plans for open spaces and habitat areas, aiming to balance development with environmental conservation.  

Oliver Holbourn, CEO of the National Wealth Fund CEO, said: 

“Road infrastructure is an important enabler of economic growth and development. Through our local government offer, we can offer low-cost finance to support authorities in delivering key growth projects like the Howden Relief Road, which will help unlock housing development, boost local businesses and create hundreds of jobs.” 

Stephen Hunt, Interim Executive Director of Prosperity and Place at East Riding of Yorkshire Council, said:  

“The Howden Relief Road is a vital investment in East Riding of Yorkshire Council’s vision for sustainable economic growth. By improving connectivity, reducing congestion, and unlocking access to a key development site, the scheme will support local business growth, attract new investment, and create opportunities for jobs and housing across the region.” 

In considering this investment the National Wealth Fund developed a Roads Prioritisation Framework to inform what road projects the Fund will consider with all deals assessed on a case-by-case basis. The Framework ensures the Fund prioritises road investment which aligns with its core ambitions, as set out in its strategy.  

The NWF offers low-cost finance for local authority infrastructure projects as well as flexible drawdown and repayment profiles that provide valuable efficiencies for major capital projects. For more information, get in touch.