Heathrow’s £33bn expansion plans have been thrown into fresh uncertainty after the airport’s chief executive warned that its international investors “cannot wait forever” for Prime Minister Andy Burnham to commit to a third runway.
Thomas Woldbye said shareholders were becoming increasingly impatient with the prolonged wait for political certainty, raising the prospect that the airport’s powerful financial backers could reassess their commitment if the Government fails to provide a clearer path forward.
The investors include the Qatar Investment Authority, Saudi Arabia’s Public Investment Fund and China Investment Corp. They are reportedly expected to decide early next year whether to proceed with a formal planning application for the long-delayed expansion.
“Our shareholders would like to do this,” Mr Woldbye told the Financial Times.
“They do think that things are taking a long time, and so far they have decided to be OK with that… But of course we cannot wait forever.”
He added that investors needed greater certainty about the Government’s position, warning that the end of the year would provide an opportunity to reconsider the project’s prospects.
“At some point in time we need a level of certainty,” he said.
“I think by the end of the year we’ll be looking and saying: ‘Let’s assess this, let’s take stock and see where we are.’”
The warning comes as Heathrow reported a fall in passenger numbers, with the airport handling 7.2 million travellers in September, down 2.3 per cent compared with the same month last year.
The decline was driven by a 20.1 per cent plunge in passengers travelling from the Middle East amid the war involving Iran. UK passenger numbers fell by 4 per cent, while traffic from the European Union dropped 1.2 per cent.
Mr Woldbye nevertheless insisted that underlying demand continued to exceed the airport’s available capacity, arguing that the case for expansion had already been established.
“The debate about whether the UK needs additional hub airport capacity has been settled,” he said.
“Businesses, trade unions, regional airports, airlines and politicians agree that better global connections are critical if the UK is to compete, trade and grow.”
He will appear before the Transport Select Committee on Wednesday as MPs scrutinise the proposed expansion, which would increase Heathrow’s annual capacity to 756,000 flights and 150 million passengers.
Mr Woldbye argued that the project represented a strategic investment in Britain’s economic future rather than simply an airport development.
“This is not simply an investment in an airport,” he said.
“It is an investment in the UK’s future competitiveness. At a time when other international hubs continue to grow and attract new routes, this country has an opportunity to strengthen its global connections and unlock growth in every nation and region.”
The immediate obstacle is political. Labour backed Heathrow expansion before Mr Burnham became Prime Minister, with former chancellor Rachel Reeves setting out the party’s support in January 2025. But Mr Burnham has declined to confirm his commitment, saying the proposal remains subject to consultation and the planning process.
The £33bn scheme, which includes £1.5bn to divert the M25, is expected to be financed entirely by private investment. That places particular importance on maintaining shareholder confidence as the project moves towards a formal planning decision.
Ms Reeves previously suggested the runway could open in 2035. Heathrow executives have since warned ministers that the timetable appears impossible to achieve.
The airport is targeting planning permission by 2029 and believes construction could then be completed within a decade.
For investors who have already endured years of political debate, however, the latest warning highlights a growing tension: Heathrow is pressing for expansion, but its backers may not be prepared to wait indefinitely for the Government to decide whether it will happen.
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