Chief executive Thomas Woldbye was on Wednesday (12 February) poised to announce capacity at both Terminal 2 and Terminal 5 would be increased through a multi-billion, 100% privately-funded investment.
As part of the plans, Heathrow will reconfigure the airfield’s layout to increase the number of available aircraft stands. It will also enhance bus and coach connectivity, and transition to more sustainable energy sources for new infrastructure.
The new investments build on a £2.3 billion accelerated investment announced by the airport in December to improve services.
“This privately-funded programme will upgrade existing infrastructure while laying the groundwork for a third runway, boosting UK investment and economic growth, with tangible benefits felt this year,” Woldbye is expected to say during a speech in Scunthorpe.
“This is vital investment and will ensure Heathrow remains globally competitive and a jewel in the country’s crown.”
It comes as the hub has started finalising plans for the third runway after chancellor Rachel Reeves expressed the government’s support late last month.
"A third runway is critical for the country’s future economic success, and I confirm we will submit our plans for a third runway to government this summer,” Woldbye added.
According to data from economic consultancy Frontier Economics, a third runway at Heathrow could increase the country’s GDP by 0.4% by 2050, with more than half of that boost going to areas outside of London and the South East.
Backed by more than 30 chambers of commerce and unions, the project will now be discussed with airlines and local communities, as up to 10,000 residents could be displaced as a result of the expansion.
