The government supports a third runway at Heathrow, Chancellor Rachel Reeves has announced.
Ms Reeves said the expansion of Europe’s busiest airport was “badly needed” to connect the UK to the world and open up new opportunities for growth.
A third runway will “unlock further growth, boost investment increase exports and make the UK more open and more connected”, she said.
Politics latest: Reaction to third runway decision
It could increase potential GDP (Gross Domestic Product) by 0.43% by 2050, a Frontier Economics study found, she said.
Ms Reeves said an expansion could create more than 100,000 jobs.
“Persistent delays have caused doubts about our seriousness towards improving our economic prospects,” she said as part of a speech on funding infrastructure across the UK to promote growth.
Ms Reeves added that business groups like the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the Chambers of Commerce (BCC), as well as trade unions “are clear – a third runway is badly needed”.
The debate around whether Europe’s busiest airport should expand has been circling over British politics for decades.
Ms Reeves‘s decision will likely put her at odds with Climate Secretary Ed Miliband, who has said airport expansions will not go ahead if they cannot meet climate targets.
However, he said last week he would not resign if the government approved a third runway despite threatening to resign from Gordon Brown’s cabinet as climate change secretary in 2009 over the plans and in 2018 he said an expansion was “very likely” to make air pollution worse.
He has now said the government can meet both its growth and net zero missions together.
Labour Mayor of London Sadiq Khan said he remains opposed to a third runway “because of the severe impact it will have on noise, air pollution and meeting our climate change targets”.
He said he will carefully scrutinise any new proposals, “including the impact it will have on people living in the area and the huge knock-on effects for our transport infrastructure”.
“Despite the progress that’s been made in the aviation sector to make it more sustainable, I’m simply not convinced that you can have hundreds of thousands of additional flights at Heathrow every year without a hugely damaging impact on our environment,” he added.
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