Following the recent backing by the Chancellor for the third runway, Heathrow has announced the largest private investment programme in Heathrow’s history with the expansion of various terminals, upgraded transport links and the reconfiguration of the airfield to increase the number of aircraft stands.
Thomas Woldbye, Heathrow CEO, 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.
"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 multi-billion-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 – the UK’s Gateway to Growth”.
Full details of the investment programme, phasing, and the pathway to a third runway will be part of Heathrow’s initial proposals submitted to Government in the summer.
The plans will enable the airport to become more efficient, reliable and sustainable for all passengers and airlines. These new investments build on the £2.3bn accelerated investment announced by Heathrow in December to improve service, resilience, passenger experience, and sustainability through multiple projects over the next two years.
Heathrow also signed the UK Steel Charter at British Steel Scunthorpe. The charter aims to maximise supply chain opportunities for UK steel producers.
Zengwei An, British Steel CEO, said: “Major developments like this, which require huge volumes of steel, demonstrate why the UK must have a strong and vibrant steel manufacturing sector. As Britain’s only manufacturer of heavy constructional steel sections, and rail, we have a critical role to play in helping this country meet its many infrastructure needs and look forward to working with Heathrow, other customers, and the UK Government, to support investments which grow the British economy.”
According to the most recent study from Frontier Economics, a third runway could increase UK GDP by 0.43% by 2050 with 60% of that boost going to areas outside London and the South-East. The project is supported by over 30 Chambers of Commerce and business groups up and down the country including the CBI, MakeUK, British Chamber of Commerce and the Federation of Small Businesses; airports including Newcastle Airport and Cornwall Newquay; and trades unions including Community Union, GMB, and BALPA.
To develop and finalise proposals to expand the UK’s only hub airport and largest port by value, Heathrow will engage with key stakeholders including airlines and local communities.
