Luton Airport expansion worth £1bn to UK economy
An expansion of London Luton Airport (LLA) could generate £1bn (€1.3bn) for the British economy and support 10,500 new jobs, according to a financial consultancy.
Oxford Economics published its forecast after assessing the impact of the £110m investment to redevelop the airport by 2020.
The report, commissioned by the airport and Luton Borough Council, predicted that LLA's contribution to the economy will jump by 77pc from £1.3bn in 2013 to £2.3bn by 2030.
The number of jobs supported by LLA is also set to rise by 2030, up from 27,200 today to 37,700. Some 3,700 new jobs will be created at the airport itself over the same period.
Expansion work at the airport includes increasing the capacity of the runway, redesigning the terminal building and improving the main access road. This will increase capacity from 12 million to 18 million passengers per year.
Luton's chief executive Nick Barton said: "This report vividly illustrates the economic benefits that LLA brings to the local and regional economy.
"As we deliver on our ambitious £110m plans to transform the airport, we will be working hard to ensure that our region and local communities reap the maximum benefit and share in our success."
The Davies Commission on UK aviation recommended building a third runway at Heathrow, but said airports such as Luton play a "crucial national role". (Press Association)