Thomas Woldbye, chief executive of Heathrow Airport, warned that failing to build a third runway would represent a "huge missed opportunity" for the UK economy, as the airport's private owners prepare to decide whether to proceed with the controversial expansion project.
Speaking to BBC Radio 4, Woldbye said the investors, including French private equity firm Ardian, Qatar Investment Authority, Saudi Arabia's Public Investment Fund and China Investment Corporation, would direct capital elsewhere globally if Heathrow could not secure expansion. He stressed that this is private money, not public funds, and therefore would not benefit the UK if redirected abroad.
The Department for Transport said it is reviewing consultation responses and considering next steps. A spokesperson noted the government supports airport expansion "where this can contribute to growth and opportunity, while meeting the tests on the environment," and cited potential economic benefits of around £40 billion across the country.
The third runway project has faced decades of debate and intense opposition from local residents, politicians and climate campaigners. Construction would require demolishing hundreds of homes, diverting rivers and tunneling the M25 motorway between junctions 14 and 15. The estimated cost stands at £33 billion, with the runway originally scheduled to open by 2035 but now potentially delayed to 2039.
Heathrow currently serves over 80 million passengers annually across two runways, with flights capped at 480,000 per year. A third runway would increase capacity to 720,000 flights annually, or nearly 2,000 daily on average, generating substantially higher revenue for owners.
Prime Minister Andy Burnham, who previously opposed the scheme as Mayor of Greater Manchester, has declined to state clear backing for the project, saying the matter should be decided by "London and Londoners." Woldbye expressed hope Burnham would ultimately support expansion, noting unions back the proposal and that economic benefits would extend nationwide, not just to London.
Addressing noise concerns, Woldbye claimed Heathrow has achieved a "stark" reduction in noise over 40 years and the trend will continue. He also emphasized that years of uncertainty represent his "biggest concern" and that government clarity would allow communities and the airport to move forward.
Woldbye plans to outline to Chancellor John Healey (with whom he has not yet met) that Heathrow "is now full" and that expansion remains essential to maintain and grow the airport's economic contribution.