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Stanstead Airport’s terminal building will receive a £1.1 billion investment programme for a major expansion over the next five years which will connect people and businesses in London to the east of England.
Manchester Airports Group (MAG) owns Stanstead Airport and the £1.1 billion project will create 5,000 new jobs.
At the government’s investment summit on Monday the plans were unveiled and it is expected to contribute £2 billion to the economy per annum.
The expansion of Stanstead’s terminal building will increase by a third which will see more shops, restaurants and bars with more seating areas, PA reports.
Last October planning was granted and construction will commence in 2025 which will take between two and three years to complete.
MAG chief executive Ken O’Toole said, “By investing more than £1 billion in Stansted over the next five years, we will be able to connect people and businesses in London and the east of England to even more global destinations, while welcoming millions more visitors to the UK.
“We are proud to be investing in our infrastructure in a way that will create jobs and stimulate trade, investment and tourism.
“Aviation is an essential enabler of the success of the UK’s key high-value industries, and we look forward to helping the Government achieve the highest sustained growth in the G7 through the sustainable growth of our airports.”
Transport Secretary Louise Haigh said, “We have been steadfast in our commitment to help British businesses grow and in turn boost the UK’s economy.
“This announcement is a clear signal that Britain is open for business.
“Transport is central to this Government’s core mission of growing the economy.
“This is about giving companies like Manchester Airports Group the confidence to invest, boosting regional and national economic growth, and supporting the aviation sector while also meeting our existing environmental obligations.”
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