Around 7,000 new jobs are expected to be created at London Stansted Airport over a ten-year period after Ryanair announced a deal to raise its passenger traffic from the airport by nearly 50%.
Ryanair has signed a ten-year agreement with Manchester Airports Group (MAG), the new owner of Stansted airport, through which it will increase the number of passengers it serves from 13 million per year to over 18 million by 2018, and then 21 million by 2023.
The new deal comes only six months after MAG completed its acquisition of the airport.
MAG chief commercial officer Ken O'Toole said that the deal secures a new and exciting era for both Ryanair and Stansted, and the company is delighted to be supporting the airline's growth over the next ten years.
"Today's announcement, coupled with our £80m investment in the terminal, confirms that Ryanair shares our confidence, and shows how we are succeeding in transforming Stansted under new ownership.
"Over the next five years, MAG wants to make Stansted the best airport in London so we will continue to compete hard to win business from airlines in our drive for passenger growth and to provide customers with even more choice," O'Toole added.
Ryanair's chief executive Michael O'Leary said: "This agreement proves how UK airports can flourish when released from the dead hand of the BAA monopoly and is the first dramatic initiative by MAG to reverse seven years of decline, during which Stansted's traffic fell from 23.8m to 17.5m."
Meanwhile, Ryanair, which is the Stansted's largest airline serving more than 140 destinations during the past 12 months, has also announced four new routes from the airport for summer 2014, including Lisbon in Portugal, Bordeaux in France, Dortmund in Germany and Rabat in Morocco.
Image: Ryanair is Stansted's largest airline, serving over 140 destinations.