In a significant move aimed at bolstering economic growth, the U.K. government has announced its support for the construction of a third runway at London’s Heathrow Airport. Treasury chief Rachel Reeves made the announcement on Wednesday, asserting that the additional runway is essential for the country’s long-term economic aspirations.
“We cannot duck the decision any longer,” Reeves stated in her speech, emphasizing the strengthened case for the runway. The government plans to invite proposals for the construction by summer, followed by a thorough assessment to ensure value for money. Reeves underlined that any associated transport costs should be financed through private funding.
However, the decision has faced opposition from various campaigners, including members of the Labour Party, citing environmental concerns. London Mayor Sadiq Khan and local lawmaker John McDonnell have both publicly opposed the expansion. Reevaluating the environmental impact, Reeves expressed confidence that the project would align with the U.K.’s legal and climate objectives.
The plan for a third runway has been in limbo since receiving parliamentary approval in June 2018, hindered by legal challenges and the COVID-19 pandemic. Heathrow’s Chief Executive Thomas Woldbye has previously stated that development would not proceed without government backing.
Reeves’ endorsement of the runway is part of a broader strategy to enhance U.K. growth rates, which have been historically low since the 2008 financial crisis. The Labour government is keen to lift living standards and revitalize public services following a prolonged cost-of-living crisis.
Despite the project’s long-term nature, with completion expected in up to a decade, Reeves hopes this announcement will instill confidence in investors and signal the government’s commitment to economic revitalization.
The construction of the runway would result in the demolition of over 700 homes and necessitate alterations to the M25 motorway.
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Source: AP News
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