Multi-billion pound investment to expand Heathrtow Airport by adding a third runway. Chief Executive Thomas Woldbye will announce the funding for these upgrades.
In a speech, CEO Thomas Woldbye will present funding for upgrades and expansion, such as increasing the capacity of Terminals 2 and 5, reconfiguring the airport layout and enhancing bus and coach connections. The Operations Department stressed that the expansion plans included new terminal buildings, aircraft stands, passenger infrastructure and “working towards a third runway”.
The government said the investment programme is expected to secure thousands of British steel jobs across the country, leading to a significant increase in demand for British-made steel.
Industry Minister Sarah Jones, who is expected to give a keynote speech, claims: “This investment is the latest in a long line of wins that our Plan for Change has helped deliver, and not only secures thousands of jobs, but marks a major vote of confidence in our domestic steel sector and this Government’s industrial strategy.”
Heathrow was criticised last month by Europe’s largest airline Ryanair as “incredibly operationally inefficient”. Because of this, Ryanair chief executive Michael O’Leary said the airline had no interest and would “never” fly from the airport even if it were free.
The growth in the number of business travellers – who are likely to develop commercial links – has stalled and instead, the increase in passengers is due to wealthy British residents rather than foreign tourists entering the country.
The air travel industry is also one of the poorest job creators in the economy per pound of revenue, the NEF said, and the environmental disadvantages of more flights are “significant”.
Mr Woldbye will add: “A third corridor is critical to the future economic success of the country and I confirm that we will be submitting our plans for a third corridor to the Government this summer.
“Since then, as part of a phased expansion programme and backed by the Government’s clear support, I am today confirming multi-billion pound, 100% privately funded investment plans to upgrade our terminal buildings, enhance the passenger experience and improve resilience and sustainability.
