Heathrow owners will invest abroad if they cannot build a third runway, its chief says

Woldbye's warning rests on who pays. "It's private money. It's not public money. So hence, it will not go into the UK," he said ^[15]. The owners are a consortium whose largest investor is the French private equity firm Ardian, with the Qatar Investment Authority, Saudi Arabia's Public Investment Fund and the China Investment Corporation among the others ^[8]. In the BBC's account, the claim that their money would leave comes from Woldbye alone ^[3].

Burnham declined to say whether he backs expansion ^[2]. "I think we ought to hear the voice of people there first. It's not right for me to just jump straight in on the back of the consultation," he told the BBC last month ^[14]. The Department for Transport said it is reviewing consultation responses and "considering the appropriate next steps" ^[5]. It also said expansion has the "potential to deliver around £40 billion in economic benefits across the country" ^[7]. That puts the consultation first and a position second. Woldbye wants the order compressed: "we need to now take this decision, move forward and continue the work of the previous government to move at speed and deliver this," he said ^[19].

The BBC said Woldbye's remarks suggested a decision in the new year ^[4]. The report does not say whether that means the owners' investment decision or the government's. The runway was scheduled to open by 2035, and Heathrow has since suggested a delay of four years to 2039 because of planning and regulatory issues ^[11]. Woldbye called "the years of uncertainty" his biggest concern ^[17].

The political history adds a second layer. Last year the then-chancellor, Rachel Reeves, announced government-backed expansion and said the government could not "duck the decision any longer" ^[12]. Burnham opposed the scheme as Mayor of Greater Manchester, and the BBC wrote that it is not yet clear whether the new-look government still backs it ^[13][21].

The warning also comes from the side that stands to gain. The BBC noted that extra traffic would potentially bring a surge in revenue for the owners ^[20]. A third runway would lift the flight cap from 480,000 a year to 720,000 ^[10], which is 240,000 more flights ^[22], a 50% increase ^[23]. We would treat the warning as the airport's stated position until an owner says the same thing.

Whatever the department means by "next steps" will set what the owners can decide, and neither has published a date. Woldbye said he had not yet met the Chancellor, John Healey ^[18].