Heathrow Airport plans a multibillion-pound investment strategy as it prepares to submit a proposal for a new runway to the UK government this summer.

In a speech delivered on Wednesday by Chief Executive Thomas Woldbye, the airport outlined key components of the investment, which will include capacity boosts for Terminals 2 and 5, reconfiguration of the airfield layout, and enhanced bus and coach connections.

Woldbye described the programme as entirely privately funded, stating, 'This privately-funded programme will upgrade existing infrastructure while laying the groundwork for a third runway, boosting UK investment and economic growth, with tangible benefits felt this year.' The expansion plan aims to ensure Heathrow maintains its competitive standing globally.

According to government officials, the investment is expected to create thousands of jobs in the British steel sector due to increased demand for UK-produced steel.

Woldbye emphasized the project's commitment to environmental responsibility, asserting that the expansion would adhere to the stringent regulations set forth in the Airports National Policy Statement regarding noise, air quality, and carbon emissions.

Heathrow is working on detailed plans for the proposed third runway, and projects include expansions to Terminals 2 and 5. Terminal 2 will see the introduction of new satellites at C and D gates, while Terminal 5 will be expanded with a new section termed Terminal 5X and additional gates connected by a shuttle system.

The Department for Business and Trade expressed support for the investment initiative.

Industry Minister Sarah Jones, who is set to speak at the launch event, noted that the investment aligns with the government's broader growth strategy and supports the domestic steel industry.

'This investment is the latest in a long line of wins which our Plan for Change has helped deliver,' she remarked.

The initiative has drawn mixed responses from various stakeholders.

Alex Veitch, director of policy at the British Chambers of Commerce, described the expansion as a positive step for British business, emphasizing the potential for increased opportunities within domestic steel production.

Meanwhile, Gareth Stace, director general of UK Steel, highlighted the significance of Heathrow's commitment to the UK steel industry as a key endorsement of national manufacturing capabilities.

Opposition voices have emerged regarding the expansion plans.

Paul McGuinness, chairman of the No 3rd Runway Coalition, raised concerns about the timing and feasibility of the proposed developments, suggesting that the promised benefits could be overstated.

He referenced critical assessments that questioned the economic viability of the project under certain conditions.

Recent statistics reveal that passenger traffic at Heathrow continues to grow, with over 6.3 million travelers recorded in January 2024—an increase of more than 5% from the previous month.

Notably, transatlantic travel constituted a significant portion of this growth, with over 1.2 million passengers traveling between Heathrow and the United States during the same period.