Heathrow boss urges PM to back third runway by year-end
Investors need clarity on the £33 billion expansion project by early next year, according to the airport's chief executive.
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Heathrow's chief executive, Thomas Woldbye, has warned that the airport's owners "cannot wait forever" for the Prime Minister's backing on its third runway plans. He indicated that a decision is required by the end of 2024 to provide certainty for investors who are considering the £33 billion expansion project.
The airport's latest passenger figures showed a 2.3% year-on-year decrease in September, with 7.2 million passengers travelling through. This decline was partly attributed to a 20.1% drop in travellers from the Middle East, influenced by the Iran war. UK passenger numbers also fell by 4%, and EU passenger numbers by 1.2%.
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Investor Decisions and Project Timelines
Despite the dip in passenger numbers, Mr Woldbye stated that demand continues to exceed the airport's current capacity. He believes the debate over the necessity of a third runway has been settled, with broad support from businesses, trade unions, regional airports, airlines, and politicians for improved global connections. He described the project as an investment in the UK's future competitiveness.
Investors such as the Qatar Investment Authority, Saudi Arabia’s Public Investment Fund, and China Investment Corp are expected to decide in the new year whether to submit a formal planning application. Mr Woldbye noted that while shareholders want to proceed, they are finding the prolonged timeline challenging and require a level of certainty.
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The estimated cost of the third runway scheme is £33 billion, with £1.5 billion allocated to move the M25 motorway to accommodate the construction. The project is intended to be fully privately financed and would increase Heathrow's capacity to 756,000 flights and 150 million passengers annually.
While former chancellor Rachel Reeves suggested a potential opening in 2035, airport officials have informed ministers that this timetable appears unachievable. The current aim is to obtain planning permission by 2029, with the construction of the new runway expected to take approximately a decade from that point.
Prime Minister Andy Burnham has not yet confirmed his support for the third runway, stating that the proposal is subject to a consultation and subsequent planning process. Mr Woldbye is scheduled to appear before the Transport Select Committee to discuss the expansion plans.
Questions this report answers
+What is the latest on Heathrow's passenger numbers?
In September, Heathrow's passenger numbers fell by 2.3% year-on-year to 7.2 million. This decrease was significantly influenced by a 20.1% drop in travellers from the Middle East, partly due to the Iran war.
+What is the estimated cost of Heathrow's third runway?
The planned third runway scheme is estimated to cost £33 billion. This figure includes approximately £1.5 billion that will be required to move the M25 motorway to facilitate the construction.
+When do investors need to make a decision about the third runway?
Investors, including the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund, are expected to decide in the new year whether to submit a formal planning application for the third runway.
+What is the proposed timeline for the third runway project?
Heathrow aims to secure planning permission by 2029. Following this, the airport believes it is a reasonable goal to complete the construction of the new runway within a decade.
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