Branson: London will lose out without 3rd runway

Entrpreneur Richard Branson has warned that London risks losing its status as a global financial centre, unless the government approves the construction of a third runway at Heathrow.

In its submission to the government over plans for the runway this week, Branson’s Virgin Atlantic warned that as other European hubs like Frankfurt extended their capacity, London also needed to boost its infrastructure.

Failure to do so could result in businesses taking their global headquarters elsewhere in Europe, along with thousands of jobs, the company cautioned.

The firm is the latest in a string of business representatives including the Confederation of British Industry (CBI) and Brendan Barber, general secretary of the TUC union, to call for the scheme to go ahead. It could add £10bn to the UK economy, they argue.