The UK Government has approved the construction of a third runway at Heathrow Airport.
A draft of the expansion scheme for the runway will now be taken forward for further consultation.
Expansion of the airport is part of the government's plan to improve the UK’s economy and connect the country to long-haul destinations worldwide.
Passengers will also be able to choose from a larger variety of airlines, destinations and flight times.
Heathrow's runway is expected to create around 77,000 jobs by 2030, and increase the country’s wider economy by up to £61bn over 60 years.
The airport has also committed to creating 5,000 new apprenticeships by 2030.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
A Heathrow spokesperson said: "Expansion of Heathrow is the only option that will connect all the UK to global growth, helping to build a stronger and fairer economy.
"We await the full details, but Heathrow stands ready to work with government, businesses, airlines and our local communities to deliver an airport that is fair, affordable and secures the benefits of expansion for the whole of the UK."
The Civil Aviation Authority (CAA), Heathrow and airlines operating at the airport will prepare the design and costs of the expansion, which will be exclusively carried out by the private sector.
Last year, UK’s Airports Commission released a report in which it recommended a third runway be built at Heathrow.
The report also included other options, such as building a new runway at Gatwick Airport or extending one of Heathrow's existing runways.
Image: Heathrow Airport to get a new runway. Photo: courtesy of LHR Airports.