Heathrow warns investors patience for third runway backing wearing thin
Summarised from 2 outlets · Updated 13 Oct, 17:03 · Archive
Heathrow's chief executive has warned that investors cannot wait indefinitely for government backing for the airport's £33bn third runway.
Heathrow Airport's chief executive Thomas Woldbye has warned that investors cannot wait indefinitely for government backing for the airport's £33bn third runway. Speaking to the Financial Times, he said shareholders have so far accepted delays but stressed that certainty is needed soon. He told the publication: 'At some point in time, we need a level of certainty. I think by the end of the year we'll be looking and saying: Let's assess this, let's take stock and see where we are.'
Heathrow's major investors, including the Qatar Investment Authority, Saudi Arabia's Public Investment Fund, and China Investment Corp, are expected to decide early next year whether to submit a formal planning application. The third runway project is estimated to cost £33bn and would be fully privately financed. It would raise the airport's capacity to 756,000 flights and 150 million passengers per year, with around £1.5bn of the budget used to reroute the M25. The airport aims to secure planning permission by 2029, with construction expected to take up to 10 years from that point.
The expansion scheme has faced uncertainty over government support. Originally, former chancellor Rachel Reeves suggested the runway could open by 2035, but Heathrow has advised ministers that this timeline is now unrealistic. London Mayor Sadiq Khan remains firmly opposed to the new runway.
How it is being reported
- Revealed: How the M25 would be moved under Heathrow Airport's plans for a third runwayRerouting London’s orbital motorway as part of Heathrow’s controversial expansion scheme is estimated to cost £1.5 billionEvening Standard · 13 Oct, 16:49
- Heathrow boss warns investors 'cannot wait forever' for third runway backingHeathrow's chief executive has warned investors cannot wait indefinitely for government backing as the airport pushes ahead with its £33bn third runway plans.This Is Local London · 12 Oct, 12:12
In this story: Thomas Woldbye · Andy Burnham · Sadiq Khan · Heathrow Airport · Qatar Investment Authority · Saudi Arabia's Public Investment Fund · China Investment Corp · London
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