London City Airport: green light for 450$ million expansion

9 years ago - Published in Finance, Fundamental Analysis

The U.K. government approved the expansion of London City Airport, a project held up by former Mayor Boris Johnson, as new Chancellor of the Exchequer Philip Hammond said on Wednesday.

The 344-million pound ($450 million) plan  include an extended terminal, a new aircraft taxiway and upgraded public transport links, creating more than 2,000 jobs. It's estimated this will almost double the number of passengers to six million a year by 2023.

"Making it easier to visit and do business in the City of London will help drive forward our economy and further strengthen the city's status as the world's leading financial center," Hammond said in a statement.

Robert Barnstone, from the anti-expansion group Hacan East, said: “Today many residents face a double whammy blow. Earlier this year, City Airport concentrated its flight paths". The plan for the expansion of London City airport will force UK government to take a decision about a runway at either of London’s two main airports, Heathrow or Gatwick.