Construction of the Humber Bridge began in 1972, funded by Government loans. The cost (original estimate £28m) soon grew to £98m as a result of high price inflation during the construction period and delays caused by ground conditions, labour relations difficulties and adverse weather. By the time the bridge opened to traffic in 1981, loan charges had already brought the bridge debt up to £151m. Every year since opening the bridge has made substantial operating profit but initially this was insufficient to cover the loan charges, so interest was capitalised and the debt continually increased. In 1998 an agreement with the government led to the project being re- financed. It is now anticipated that the construction loans will be paid off by 2032. Despite the bridge's escalated construction cost, the user benefits (arising from mileage savings) are very large and exceed the cost of the project by a considerable margin.