London Stansted embarks on exciting new chapter
As an economic powerhouse, London needs to keep investment rolling in, to create jobs, to support economic growth and to maintain the capital’s place on the world stage.
Last week’s International Investment Summit hosted by Prime Minister, Sir Keir Starmer, was an ideal opportunity for London Stansted to showcase its role in helping the government achieve the highest sustained growth in the G7 by enabling the success of key high-value industries that will feature in the Government’s new Industrial Strategy.
By investing more than £1bn over the next five years, London Stansted 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
The airport is currently experiencing the busiest period in its history, with 29 million passengers passing safely through each year, and is the second busiest port of entry for overseas visitors to London.
The centrepiece of the plans is a £600m extension to the airport’s existing terminal, which will create a bright spacious environment, with more seating areas plus new shops, bars and restaurants.
This development will help enable the airport to serve up to 43 million passengers a year, which in turn will create up to 5,000 new on-site jobs, and see the airport’s economic contribution double to £2bn annually.
Also included in the airport’s £1.1bn investment programme are a number of projects to enhance the passenger journey and support Stansted’s commitment to deliver a sustainable future, such as a 14.3MW on-site solar farm to supply current and future energy needs.
Gareth Powell, London Stansted’s Managing Director, said:
“Stansted is embarking on an exciting new chapter. We aim to add even more choices of airlines to continue growing our extensive route network that is valued and enjoyed by the millions of passengers who choose to fly from London Stansted every year.
“We are already welcoming a record number of passengers, with people drawn to the fact we give them a great choice of destinations, at excellent value and with fantastic access into central London and the whole of the East of England.
“We are unique among major airports in operating a single terminal, which means we can give people a simple, efficient and seamless experience, which we know they value, whether travelling for business, leisure or to visit friends and family.
“This is a really exciting time for everyone connected with Stansted as we know we have a critical role to play in serving the future capacity needs of London. Our aim is to be the airport of choice for even more passengers and we’re confident our investment plans will boost our competitiveness within the London aviation market, as well as supporting economic growth, jobs and vital international connectivity for London and the East of England.”
Welcoming the announcement, 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 Stansted Airport and 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.
The investment plans were also welcomed by a host of business leaders, including Jackie Sadek, Independent Chair of the UK Innovation Corridor, who said: “This is to be welcomed with open arms. London Stansted provides vital underpinning for the current £189bn per annum GVA of the UK Innovation Corridor, and this new investment will be crucial for our shared mission to double the size of our economy by 2040. We are definitely on our way.”
John Dickie, Chief Executive of BusinessLDN, said: “As a gateway to the world, London Stansted plays a critical role in welcoming visitors to London and the UK. This investment is a vote of confidence in the capital that will boost our global connectivity and enhance the experience of passengers. It will also underpin regional growth and will help us remain a world leader in the highly competitive international market”, with Harriet Fear, Chair of Cambridge Ahead, adding, “International connectivity is vitally important for organisations based in the innovative sectors that are so strong in the East of England, making London Stansted key to the success of the region and beyond. This significant new investment into the airport’s infrastructure will help create an even better experience for passengers and support the airport’s long-term route development aims.”
Link to a fly-through video showing the £600m extension to the existing terminal.