The likelihood that the London’s Heathrow airport will see third runway on my lifetime came closer today after Theresa May’s cabinet gave green-light to the plan that will next head to the vote in the parliament.
The debate whether to expand Heathrow or not has already been going for 20 years. If the plan will survive the vote in the parliament, the third runway may be operational around 2030.
You can read more about these developments from BBC’s website (access here) oh which below is an excerpt:
Heathrow’s owners say the airport is virtually full and a new runway, which is hoped would be operational between 2025 and 2030, would increase its capacity from 85.5 million to 130 million passengers.
The expansion is estimated to create about 60,000 new jobs and generate about £70bn in total economic benefits by the 2050s.
Residents whose houses are knocked down will get compensation worth 125% of their value – as well as legal fees and stamp duty paid for – while £700m would be available to fund noise insulation measures for those who decide to stay.
He said a ban on night flights was an “absolute requirement” and non-negotiable while he said landing charges paid by airlines must stay at current levels.
Well. Interesting to see if the plan survives the vote in the parliament. Shares of British Airways parent were down 3% today. More capacity at Heathrow would open them up for more competition that wouldn’t be good for the profits.
Interesting to see if this third runway at Heathrow or Gatwick expansions are ever going to be completed…