More than 5,000 jobs will be created as a result of a
five-year, £1.1 billion investment in London Stansted Airport,
welcomed today (October 14) by Chancellor and Transport Secretary
.
The plans were unveiled by the Prime Minister at the flagship
International Investment Summit in London and will see Stansted
unlock the potential of its runway through the extension of its
existing terminal.
The funding will expand the existing terminal by a third,
securing new air routes to key business and holiday destinations
– boosting local supply chains and further cementing the UK's
place on the international stage.
The investment consists of £600m for the terminal extension,
alongside another £500m to improve the existing terminal and
wider airport estate.
It will also deliver Stansted's 14.3MW on-site solar farm, which
will support the airport's current and increasing electricity
demands. It follows the recent creation of a new EV charging
forecourt at the airport.
MAG (Manchester Airports Group), owner of London Stansted, is in
the final stages of the procurement process, with construction
expected to begin in 2025. The project will take between two and
three years to complete.
This scheme will significantly improve passengers' experience at
each stage of their journey from check-in to immigration. It
will deliver a larger security hall, an airfield taxiway
upgrade and an overhaul of gate rooms, boosting capacity and
comfort for passengers before boarding.
The expansion plans already have planning permissions to begin
construction, and are in line with previously agreed passenger
and flight numbers.
Transport Secretary said:
“We have been steadfast in our commitment to help British
businesses grow and in turn boost the UK's economy. This
announcement is a clear signal that Britain is open for
business.
“Transport is central to this Government's core mission of
growing the economy. This is about giving companies like
Manchester Airports Group the confidence to invest, boosting
regional and national economic growth, and supporting the
aviation sector while also meeting our existing environmental
obligations.”
Ken O'Toole, CEO of MAG - which owns London Stansted,
Manchester and East Midlands Airports, said:
"By investing more than £1bn in Stansted over the next five
years, we will be able to connect people and businesses in London
and the east of England to even more global destinations, while
welcoming millions more visitors to the UK.
"We are proud to be investing in our infrastructure in a way
that will create jobs and stimulate trade, investment and
tourism.
"Aviation is an essential enabler of the success of the UK's
key high-value industries, and we look forward to helping the
government achieve the highest sustained growth in the G7 through
the sustainable growth of our airports."
Cath Bowtell, IFM Investors Chair said:
"As co-owners of MAG, our commitment to this exciting new
Stansted project reflects our confidence in the airport's future
growth story.
"As one of the world's largest infrastructure investors, IFM
invests over decades to enhance the value to customers of the UK
infrastructure we own and operate.
"MAG goes from strength to strength under the long-term
stable co-ownership of IFM alongside Manchester and Greater
Manchester local authorities.”
