Heathrow Airport will get new $22 billion 3rd runway

Britain backed a $22 billion expansion of Heathrow Airport on Tuesday, ending 25 years of indecision, and promising to boost global trade links following the vote to leave the European Union.

Heathrow, Europe’s busiest airport, defeated a proposal from smaller rival Gatwick and will secure the first new full-length runway to be built near London in 70 years after environmental and political protests scuppered previous attempts.

Prime Minister Theresa May, a former critic of Heathrow expansion, said she had opted for a plan that would boost the economy, create jobs and provide access to global markets.

But, her decision put her on an immediate collision course with senior politicians, including foreign secretary Boris Johnson, who oppose the plan.

“After decades of delay we are showing that we will take the big decisions when they’re the right decisions for Britain,” Ms May told London’s Evening Standard newspaper.

The decision to jump-start one of Europe’s biggest infrastructure projects is one of Ms May’s most significant moves since she took office in July and follows her approval in September of a $24 billion nuclear power plant at Hinkley Point.

According to a three-year study by the independent Airports Commission, a new runway at Heathrow would create 70,000 new jobs by 2050 and increase GDP by between 0.65 and 0.75 per cent.