The chief executive of Heathrow Airport has announced a multibillion-pound investment for the third runway “to answer the Chancellor’s call to get Britain building.”
Chief executive Thomas Woldbye said in a speech on Wednesday there will be funding to upgrade the expansion at Heathrow and they will boost capacity at Terminal 5 and 2 and the airfield will be reconfigured.
Heathrow will submit a formal plan for the third runway in several months.
Wolbye said, “This privately-funded programme will upgrade existing infrastructure while laying the groundwork for a third runway, boosting UK investment and economic growth, with tangible benefits felt this year.
“Heathrow is proud to answer the Chancellor’s call to get Britain building.”
Woldbye added, “A third runway is critical for the country’s future economic success, and I confirm we will submit our plans for a third runway to Government this summer.
“Ahead of then, as part of a phased expansion programme and supported by the Government’s clear backing, I am today confirming multibillion-pound investment plans, 100% privately-funded, to upgrade our terminal buildings, enhance passenger experience, and improve resilience and sustainability.
“This is vital investment and will ensure Heathrow remains globally competitive and a jewel in the country’s crown.”
He did not reveal what the estimated costs will be but said the final amount will “significantly” increase from £14 billion cost in 2014.
He said the build will be carried out “responsibly” due to the “strict environmental safeguards”.
“This project can only go ahead if we meet the rules on noise, air quality and carbon that the Government sets out in the Airports National Policy Statement – it’s as simple as that.”
Woldbye said, “This multibillion-pound investment, the largest private investment ever made in the UK’s transport network, will provide the launch pad for a third runway.
“The Chancellor explained in her Oxford speech why the third runway is critical for our country’s future economic success.
“And across the world, the UK’s competitors recognise the importance of global connectivity and have ensured their aviation capacity meets the requirements of a connected, globalised world.
“Schiphol enjoys six runways, Frankfurt and Paris four each.
“Without capacity growth at Heathrow, the UK risks losing its status as a global trading hub.”
Alex Veitch, director of policy at the British Chambers of Commerce, said, “Expanding airport capacity is a key part of accelerating economic growth – and today’s announcement is great news for British business.
“It is real show of support for domestic steel production and supply chains across the UK. As further infrastructure projects are given the green light, many more opportunities can be seized to boost British business and drive forward growth.”
UK Steel director general Gareth Stace said: “With the airport embarking on its largest-ever private investment programme, this commitment unlocks significant opportunities for UK steel producers and supply chains to help deliver critical national infrastructure.”
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