Stansted Airport reveals plans for £1.1 billion expansion

14 October 2024, 16:35

New images have been revealed of what one of England’s busiest airports could look like after a £1.1 billion investment.

Labour has announced a £1.1 billion investment into London’s Stansted airport.

Manchester Airports Group (MAG), which owns the Essex airport, said the project will create up to 5,000 new on-site jobs.

The announcement came as part of Labour’s investment summit, which saw the Government announce an influx of cash from businesses across the globe.

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The plans, unveiled at the Government's investment summit, are expected to double the airport's economic contribution to £2 billion per year.

They are focused on a £600 million extension of the existing terminal, which will increase its size by a third.

New bars, restaurants and shops will be added as part of the expansion, as well as more seating.

The Department for Transport said the scheme is "in line with previously agreed passenger and flight numbers".

MAG chief executive Ken O'Toole said: "By investing more than £1 billion 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."

Construction is expected to begin in 2025 after planning permission was obtained last October.

It is expected to be completed in around two and a half years.

Transport Secretary Louise Haigh 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."