£5.9 Billion boost from extra runway at Stansted

                           
12/11/2013

Leading economic forecaster Oxford Economics today published research that shows an extra runway at Stansted Airport would add £5.9 billion to the UK economy. This includes over 30,000 jobs in the East of England and Greater London.

At current operation, serving 17million passengers per annum (mppa), Stansted Airport generates £750million GVA and supports 14,000 jobs. The Oxford Economics report looked at four scenarios for expansion at Stansted and considered the economic benefits, locally and nationally, of each:

Best use of existing airport infrastructure, at 35 mppa, would generate £2.195 billion and support an additional 3,800 jobs;

Maximum use of existing airport infrastructure, at 45 mppa, would generate £2.660 billion and support an additional 8,310 jobs;

An additional runway, at 76 mppa, would generate £5.9 billion and support an additional 30,000 jobs;

A five runway hub airport, at 200 mppa, would generate £15.8 billion and support an additional 98,600 jobs.

The report was undertaken by Oxford Economics on behalf of the London Stansted Cambridge Consortium (LSCC), which represents business and local authorities in the thriving London Stansted Cambridge corridor. Home to the world’s most significant technology and life sciences companies, including Google, Microsoft, Astra Zeneca and GSK, it is one of the most dynamic region of the UK, already generating 12% of the UK’s Gross Value Added (GVA).

Hertfordshire LEP Chair John Gourd said:“The Hertfordshire Local Enterprise Partnership is pleased to support this work looking at the economic impact of scenarios of growth at Stansted, as we see the airport as an important economic asset for the county. Ideally located between Heathrow and Stansted we have an increasingly international outlook for our business to business knowledge economy.”