London’s Heathrow airport outlined revised plans for a new runway it said will create 100,000 jobs and add 100 billion pounds ($168 billion) to the economy as rival Gatwick restated its case for getting the landing strip.
Heathrow Airport Ltd. said Development Director John Holland-Kaye will succeed Chief Executive Officer Colin Matthews, entrusting him to lead the fight for a third runway to defend its position as Europe’s busiest hub.
London’s Heathrow airport, hemmed in by urban sprawl and barred from adding a new runway, is turning to bigger jets and glitzier shops to keep growing in the face of a campaign to build a rival hub on the Thames estuary.
Heathrow Airport Ltd. snapped five years of annual losses in 2013 as Europe’s busiest aviation hub attracted bigger jets to boost passenger numbers and booked gains from the sale of its London Stansted terminal.
BAA Ltd. ’s London Heathrow airport may become less competitive against other European hubs and demand for long-haul leisure flights to the city may be hurt because of rising U.K. tax, Chief Executive Officer Colin Matthews said.
London’s Heathrow airport’s 66 million annual passengers will ultimately have to foot the bill for making Europe’s busiest hub snow-proof if Britain’s winters turn permanently colder, according to owner BAA Ltd.
Heathrow Ltd. said it’s exploring plans to shift the site of a proposed third runway in an effort to minimize the impact of construction work as Europe’s busiest hub ramps up efforts to win support for its expansion.
Limited capacity at London’s Heathrow Airport costs the U.K. as much as 14 billion pounds ($22.2 billion) a year in lost trade as other European hubs boost connections to growing economies like China and Peru, the airport operator said.