London Stansted Airport is set receive £1.1 billion ($1.4 billion) in investment over a five-year period.
The plans were unveiled by the UK Prime Minister Kier Starmer at the flagship International Investment Summit in London. The investment will allow Stansted to increase capacity through the extending its existing terminal.
The investment consists of £600 million ($782 million) for the terminal extension, alongside another £500 million ($652 million) to improve the existing terminal and wider airport estate.
“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,” said Louise Haigh, UK transport secretary.
Haigh added: “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.”
The investment 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.
Ken O'Toole, CEO of Manchester Airports Group – the owner of London Stansted - commented: "By investing more than £1bn in Stansted over the next five years, we 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 expansion is estimated to create more than 5,000 job, while doubling the airport’s annual economic contribution to the UK to £2 billon ($2.6 billion).