During the election campaign, Sir Keir Starmer said he wanted to “kickstart economic growth to secure the highest sustained growth in the G7”. The mission was toned down when in government to “deliver economic stability”. But the ambition to get the economy growing rightly remains and attention is now turning to how the government can enable the private sector to play its part.
The Chancellor’s Mansion House speech was a positive step to outlining how to stimulate this growth, but any changes will take time before we see payoffs. The government has a golden opportunity to accelerate progress, if it is prepared to act promptly and decisively to facilitate privately funded projects and investment that can deliver benefits quickly.
At London Gatwick, we believe we can be a major part of that drive for growth. London’s airports are already reaching capacity and demand is forecast to grow by more than 30 million passengers by 2030. We are already full at peak times.
Airports are catalysts for growth, supporting people and goods to travel globally, unlocking trade opportunities and supporting thousands of jobs. Unless we can access greater airport capacity, the UK will miss out on the economic growth that comes from increased trade, tourism and travel. Miss out on more well-paid jobs for local people. And miss out on access to new destinations, better services and an improved passenger experience.
We have a ready-made solution. London Gatwick’s Northern Runway, currently a backup, could be made operational as a second permanent runway – and we can do it quickly. A £2.2 billion privately financed, shovel-ready investment which could be completed by the end of the decade and within this parliament. With almost all of the work taking place within our existing boundaries, there should be no major disruption, and no taxpayer money spent.
If we are given the green light from the government early next year, it will create 14,000 jobs and generate an additional £1 billion every year in economic benefits – not just for the South East, but across the UK. If successful, we’ll deliver the project in keeping with our noise and sustainability commitments, keeping impact on local communities to the absolute minimum.
This isn’t just about London Gatwick. It’s about making the UK a leader in global connectivity, ensuring that it remains an attractive place to do business and having a regulatory environment where UK airports remain competitive relative to our European and global counterparts; because the reality is that major airlines have a choice about where they can base and grow their operations. It will also provide the resilience needed for the wider London airport network, ensuring the capacity is there to meet our future needs.
Taking timely decisions on major planning and infrastructure schemes -such as our Northern Runway, where tens of millions of pounds have already been spent on the five-year planning process – is key to fuelling the growth the government is asking for.
World-class transport infrastructure and connectivity is critical to make the UK a more attractive destination for foreign investment and trade. Our plans align strongly with the government’s growth agenda and will make a significant economic contribution, bringing billions of pounds of value to the UK from just one infrastructure investment.
If the government wants to act fast, find ways to incentivise investment and stimulate economic growth, then approving London Gatwick’s plan seems an obvious choice.
Stewart Wingate is the chief executive of Gatwick Airport
