Thomas Woldbye, chief executive of Heathrow Airport, warned that refusing to build a third runway would represent a "huge missed opportunity" for the UK economy, as private investors signalled they would deploy capital elsewhere if the expansion does not proceed.
Speaking to BBC Radio 4, Woldbye said Heathrow's owners, a consortium including French private equity firm Ardian, Qatar Investment Authority, Saudi Arabia's Public Investment Fund and China Investment Corporation, would redirect investment outside the UK if the project cannot move forward. "It's private money. It's not public money. So hence, it will not go into the UK," he said.
The third runway remains unresolved despite decades of debate. Prime Minister Andy Burnham, who opposed the scheme as Mayor of Greater Manchester, has declined to declare explicit backing. When asked by the BBC last month whether he supported expansion, Burnham said the matter was "for London and Londoners" and that local voices should be heard first. Downing Street declined to comment on Woldbye's latest remarks.
The Department for Transport said it is reviewing consultation responses and considering next steps. A department spokesperson stated the government supports airport expansion "across the country where this can contribute to growth and opportunity, while meeting the tests on the environment," and cited potential economic benefits of around £40 billion.
The construction project would cost an estimated £33 billion and require demolishing hundreds of homes, diverting rivers and tunnelling the M25 motorway between junctions 14 and 15. Heathrow currently serves over 80 million passengers annually across four terminals and two runways, with flights capped at 480,000 per year. A third runway would raise that ceiling to 720,000 flights annually, or roughly 2,000 per day on average, opening in 2039 if approved.
Woldbye stated the new runway would generate jobs and deliver broad national benefit beyond London. He expressed concern about prolonged uncertainty, telling Healey that the airport "contributes dramatically to the economy" but is now operating at capacity.
The Department for Transport is finalising its Airports National Policy Statement, last updated in 2018, which will provide the basis for deciding whether to approve the runway. Heathrow plans to submit a planning application within the next couple of years.