Heathrow’s chief executive has warned that Labour’s hesitation over a third runway could put billions of pounds in UK investment at risk.
Thomas Woldbye said investors would not wait indefinitely and could abandon the £33billion expansion project unless Prime Minister Andy Burnham backs the plans by the New Year.
The deadline is understood to be linked to a decision on whether Heathrow should submit a formal planning application for the proposed runway.
Expansion at Britain’s largest airport was supported by former prime minister Sir Keir Starmer’s government as part of a broader strategy to revive the country’s sluggish economy. However, Mr Burnham is understood to have told Transport Secretary Heidi Alexander that he remains ‘unconvinced’ about the case for a third runway.
Mr Woldbye cautioned that the investment programme could collapse within weeks without firm government backing, creating a major setback for ministers’ growth ambitions.
He said: ‘Our shareholders would like to do this.
‘They do think that things are taking a long time, and so far they have decided to be OK with that…But of course we cannot wait forever.’
Mr Burnham is understood to have told transport secretary Heidi Alexander he’s ‘unconvinced’ by the need for a third runway at Heathrow
Heathrow boss Thomas Woldbye warned investors ‘cannot wait forever’ and could abandon the £33billion expansion if Andy Burnham does not support a third runway by the New Year
The proposed third runway would increase Heathrow’s capacity to 756,000 flights and 150 million passengers annually
He added: ‘At some point in time we need a level of certainty.
‘I think by the end of the year we’ll be looking and saying: “Let’s assess this, let’s take stock and see where we are.”’
Although passenger numbers at Heathrow have weakened—with UK travellers down 4 per cent year on year in September—Mr Woldbye said demand for the airport still exceeds available capacity.
Supporters of the project also highlight Heathrow’s role as the UK’s largest port by the value of goods handled. The airport processed almost £300billion worth of goods last year, representing more than a quarter of Britain’s trade by value.
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Speaking to the Financial Times, Mr Woldbye said: ‘The debate about whether the UK needs additional hub airport capacity has been settled.
‘Businesses, trade unions, regional airports, airlines and politicians agree that better global connections are critical if the UK is to compete, trade and grow.’
‘This is not simply an investment in an airport.
‘It is an investment in the UK’s future competitiveness. At a time when other international hubs continue to grow and attract new routes, this country has an opportunity to strengthen its global connections and unlock growth in every nation and region.’
Mr Burnham, who expressed doubts about expanding the UK’s busiest airport during his time as mayor of Greater Manchester, has yet to confirm whether he supports the project since entering No10.
He is understood to have met Ms Alexander in recent days to discuss the government’s position. During the meeting, he reportedly said he was not convinced a third Heathrow runway was necessary following approval for expansion at Gatwick, Luton, Stansted and London City airports.
In addition, sources said he cited a recent £2billion investment at Birmingham airport, which will more than double annual passenger numbers to 30 million a year.
The PM is also understood to be concerned that Heathrow expansion could concentrate growth too heavily in the south of England at the expense of other regions.
Labour’s initial support for a third runway was set out by former chancellor Rachel Reeves in January 2025.
Estimated to cost £33billion, including £1.5billion to move the M25 to build the runway, the scheme is expected to be fully privately financed.
The Qatar Investment Authority, Saudi Arabia’s Public Investment Fund and China Investment Corp are among those poised to bankroll the expansion plans.
It would see Heathrow’s capacity increase to 756,000 flights and 150 million passengers per year.
Ms Reeves previously suggested the runway could be open in 2035 but airport bosses have told ministers that timetable appears impossible to meet.
The airport aims to get planning permission by 2029, and from that point believes building the new runway within a decade to be a reasonable goal.
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