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 Rachel Reeves and Transport Secretary Louise Haigh.
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 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.”
