The Isle of Wight Council has set aside £3 million to replace the aging floating bridge by 2014. However, a safety inspection of the current bridge by the Maritime and Coastguard Agency in March could see the process being brought forward to 2013.

Isle of Wight Council leader Councillor David Pugh, said he hoped an Island firm would win the contract to design and build the new bridge. "Obviously we have to go through the proper procurement process and we have both UK and European laws on bidding but we will be strongly encouraging Island firms during the tendering process. We have the skills and expertise on the Island."

The Isle of Wight Council’s cabinet member for transport, Councillor Edward Giles, said: "I am delighted we have been able to agree to provide capital funding for a new floating bridge. The current ferry has been in service for over 35 years and is coming to the end of its working life. We anticipate going out to tender on the basis of a design-and-build contract. We shall be looking for innovation in the design and technology for the new ferry and hope it will last as long as its predecessor has done.”

The current floating bridge, which came into service in 1976, carries 1.5 million cyclists and foot passengers and 400,000 vehicles each year.