Writing to the new UK Prime Minister Theresa May today, USS has reiterated the shareholders’ pledge to boost the economy, create jobs and leave a legacy of skills across the country if the Government gives the go-ahead to Heathrow expansion. Heathrow’s shareholders (list them) together control over $1 trillion in fund.
Committing to invest £16bn in a privately-funded stimulus package if Heathrow expansion gets government approval, Heathrow’s shareholders have pledged to create new jobs across Britain as soon as the project is given the green light. The investors also highlight that a decision on Heathrow would boost investor confidence in the wider UK economy, demonstrating that the government can take evidence-based decisions in the national interest.
Last year, the government’s independent Airports Commission gave a clear recommendation to expand Heathrow, finding that doing so would create up to 180,000 new jobs, over 100,000 of which will be outside the south east and will benefit every region of the country. With expansion, Heathrow has committed to create 10,000 apprenticeships for young people, leaving a legacy of skills and helping to eradicate youth unemployment in Heathrow’s local area.
The Commission also set out tough conditions to expansion, including restrictions on night flights and controls on air pollution and noise. Last month, Heathrow accepted those conditions in full and pledged to continue to build constructive partnerships with local communities.
The economic opportunities and the fair deal for local communities are why Heathrow’s new expansion plans are overwhelmingly backed by small and large businesses, trade unions, cross-party politicians and council leaders and airlines as the best solution to Britain’s aviation capacity crunch. Supporters include the CBI, FSB, chambers of commerce from across the country, trade unions Unite, the GMB and the TUC, 38 British airports and airlines such as easyJet, which plans to operate from an expanded Heathrow. A large proportion of the local community also backs Heathrow.
Commenting on the letter, Heathrow CEO John Holland-Kaye said:
“As USS states in the letter, the Prime Minister can send the strongest signal to the world that Britain is a confident, outward-looking nation that is open for business by expanding the UK’s biggest port and global gateway, Heathrow.
“At a time of uncertainty, a £16bn privately-funded infrastructure investment will create jobs and growth across the UK. We have a real opportunity to build a better future for communities across our country and help fulfil the Prime Minister’s vision for the UK.”