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Chancellor Reeves: ‘Third runway at Heathrow essential for UK’s economic growth’

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Chancellor Reeves: ‘Third runway at Heathrow essential for UK’s economic growth’
Airports
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Chancellor Reeves | UK Gov

Rachel Reeves, the UK Chancellor of the Exchequer, said that constructing a third runway at Heathrow Airport is "essential for the UK's economic growth." She made this assertion during a press conference on January 29.

"Third Runway at Heathrow Essential for UK's Economic Growth," said Rachel Jane Reeves. "A third runway at Heathrow would unlock further growth, boost investment, increase exports, and make the UK more open and more connected. We cannot duck the decision any longer."

Following a record number of passengers and a profit increase of 31%, Heathrow Airport executives have expressed concerns about constrained capacity. In 2024, Heathrow reported a record 83.9 million passengers, marking a 6% rise from the previous year and surpassing pre-pandemic levels. Cargo volumes also increased by 10%, indicating strong demand for international trade. Despite these figures, Heathrow's annual revenue declined by 3.5% to £3.6 billion due to lower airline charges set by the Civil Aviation Authority (CAA).

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Heathrow CEO Thomas Woldbye emphasized that expansion is necessary to accommodate growing demand, warning that limited capacity could hinder future growth. "People want to travel, and that doesn’t seem to change, hence the need for a third runway also because we cannot grow much more with the current capacity," Woldbye said. The proposed new runway would increase flight capacity from 480,000 to 720,000 annually, potentially serving up to 140 million passengers per year.

According to The Times, Heathrow confirmed its intention to submit expansion plans to the government this summer but indicated that "policy changes are needed to deliver the project successfully." Reeves supported the expansion, urging for "further, faster" action to stimulate economic growth. However, industry experts remain skeptical about achieving her goal of opening the third runway by 2035 due to past delays and legal challenges.

Opposition to Heathrow’s expansion remains significant, particularly from environmental groups and local officials. London Mayor Sadiq Khan has pledged to oppose the project, citing its potential impact on communities such as Harmondsworth, which could face partial demolition. Former Prime Minister Boris Johnson previously opposed the expansion as well, stating he would "lie down in front of the bulldozers" to prevent it.

Heathrow Airport is located in west London and is Europe's busiest airport as well as the UK's largest aviation hub. According to their website, it connects over 180 destinations worldwide and plays a crucial role in the country's economy. The proposal for a third runway was first introduced in the early 2000s but has faced repeated delays due to environmental concerns, legal battles, and political opposition.

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