More than 5,000 jobs will be created as a result of a five-year, £1.1 billion investment in London Stansted Airport. The plans were unveiled by UK Prime Minister Keir Starmer 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 £600 million for the terminal extension, alongside another £500 million to improve the existing terminal and wider airport estate.
It will also deliver Stansted’s 14.3 megawatt on-site solar farm, which will support the airport’s current and increasing electricity demands. It follows the recent creation of a new electric vehicle charging forecourt at the airport.
Manchester Airports Group (MAG), 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.
“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,” UK Transport Secretary Louise Haigh said. “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.”
“By investing more than £1 billion in Stansted over the next 5 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,” Ken O’Toole, Chief Executive Officer of MAG, said. “We are proud to be investing in our infrastructure in a way that will create jobs and stimulate trade, investment and tourism. Aviation is an essential enabler of the success of the UK’s key high-value industries, and we look forward to helping the government achieve the highest sustained growth in the G7 through the sustainable growth of our airports.”
