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Summary

  1. Third runway at Heathrow airport approved by ministers
  2. Grayling: Heathrow expansion 'best option' for UK
  3. Boris Johnson: Runway is 'undeliverable'
  4. Sadiq Khan: Heathrow plan 'devastating' for air quality
  5. Zac Goldsmith resigns

Live Reporting

By Catherine Snowdon

All times stated are UK

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  1. That's all folks

    Catherine Snowdon

    Business reporter

    Thanks for all the excellent emails today, it's been a blast taking you through all the Heathrow expansion fall out. We'll be back tomorrow with all the business news you can handle.

  2. Carney coy on departure date

    Mark Carney giving evidence to the Economic Affairs Committee at the House of Lords

    The governor of the Bank of England, Mark Carney, today deflected questions about when he would leave his job.

    He said he would not be swayed by political concerns as he weighs up whether to extend his stay at the central bank beyond his scheduled departure in 2018. 

    "I want to find some time to reflect on it," Carney told members of the House of Lords.

    Mr Carney is due to say before the end of the year whether he will take up an option to stay at the BoE until 2021. 

    "It is entirely personal, and no one should read anything into that decision in terms of government policy, actual, imagined, potential, past, etc.," he said. "This is a role that requires total attention, devotion, and I intend to give it for as long as I can. But those are the only factors." 

  3. US markets slide

    Wall Street's main indexes dipped in Tuesday after trading results from companies in various sectors, including housing and consumer products, failed to live up to expectations.

    The Dow Jones slid 52.94 points to 18,170.09, while the S&P 500 was down 8.13 points at 2,143.20 and the Nasdaq fell 26.43 points to 5,283.40.

    The Home Depot retail chain slid 3.47%.

    At the other end of the scale, Lockheed Martin, the world's largest defense contractor, reported a quarterly profit that beat analysts' expectations, as sales of its Sikorsky helicopters pushed total revenue up 14.8%. 

    Lockheed's shares closed up about 7.32%.

  4. Video: Planespotters blind test

    Aircraft are much less noisy than they used to be. Nevertheless planespotters can still tell the difference between them, just by the noise.

    Video content

    Video caption: Heathrow decision: Planespotters take blind test
  5. Heathrow expansion: Your views

    We've had some really interesting emails today, thanks all. Several coming in have focused on transport issues, both around Heathrow and as reasons why expansion elsewhere should, or should not, have happened instead. Here are a few.

  6. Infrastructure 'golden age'

    Carolyn Fairbairn

    Carolyn Fairbairn, the director general of the CBI has told the BBC that the Heathrow announcement teamed with other recent decisions, such as the go ahead for Hinkley means the UK is beginning to see a "golden age" in infrastructure investment.

    Commenting about the expansion of Heathrow she said:

    "This is very significant for businesses all across the UK. I've met businesses all over the country who have been looking forward to this decision for months and even years.

    "This decision opens up routes to parts of the world that are growing very quickly. Provincial China for example, many of those Provinces are countries in their own right and we will be able to open up links with them and trade with them. 

    "This is a real game-changer for the economy, not just in terms of the jobs it will create in the short run but in terms of what it says about what kind of country we want to be, a global trading nation."

  7. 'More planes over their heads'

    John Stewart, chair of anti-Heathrow expansion group Hacan, a London-based pressure group "for those under Heathrow flightpaths", said "countless residents will be dismayed and distraught by this decision".

    "Some will lose their homes. Some face the daunting prospect of living under a noisy flight path for the first time. And many others will get yet more planes over their heads. 

    "But real doubts must remain whether this new runway will ever see the light of day. The hurdles it faces remain: costs, noise, air pollution and widespread opposition including an expected legal challenge from the local authorities."

  8. Sir Howard Davies reiterates reasoning

    Sir Howard Davies

    Sir Howard Davies, who led the government-commissioned Airports Commission which last summer recommended the expansion Heathrow has expressed his relief at the decision to go ahead.

    Speaking to the BBC's business editor Simon Jack he said:

    "I did begin to wonder whether three years of life had been wasted. I am pleased that the government has made a decision. Any decision is better than no decision but this one is a good decision.

    "Heathrow is best placed to provide the additional connectivity that the UK wants, particularly to long haul markets such as the far east. Heathrow also has a large amount of trade passing through it whereas Gatwick's business model is to do with short haul fligtht to Europe for tourists. They carry very little in the way of air freight.

    "Heathrow is also best from a national perspective. Regional airports want access to Heathrow because with one hop passengers are then in a hub from where they can access the rest of the world."

  9. How busy is a busy airport?

    Map showing world's busiest airports

    Check out this snazzy map showing the world's top 50 busiest airports, according to Airports Council International (ACI) passenger figures.

    Heathrow is ranked 6th with almost 75 million passengers and Gatwick is 37th with 40 million.

    Atlanta International is the busiest with 101 million passengers. Followed by Beijing Capital International with 90 million, then Dubai International with 78 million.

    The interactive version, available here allows you to click on the blue circles and reveal passenger figures and the ACI ranking for each airport. Pretty cool.

  10. 'Loudest voices not necessarily most representative' - Labour peer

    Airport expansion statement

    House of Lords

    Parliament

    Lord Soley

    Labour's Lord Soley says that he has lived near Heathrow's runways for forty years and represented the local area for twenty. 

    He tells the minister that "the loudest voices are not necessarily the most representative" in the surrounding region. 

    Lord Soley says that many people in the areas near the airport realise the benefit of expansion in terms of jobs and skills.

    The Labour peer appeals to opponents of Heathrow expansion to "put the national need above the local issues". 

  11. Heathrow expansion: Your views

    More responses from Business Live readers about the government's decision to back a third runway at Heathrow. We've had some great ones, keep them coming.  

  12. Lord True: Heathrow expansion not the cheapest option

    Airport expansion statement

    House of Lords

    Parliament

    Conservative peer Lord True rattles off a list of concerns with the decision to expand Heathrow airport instead of Gatwick.

    He says that the expansion of Gatwick would have been cheaper, would have taken less time and would have affected fewer people than the expansion of Heathrow.

    Lord True also says that the people living near Heathrow "accept 500,000 flights a year over their heads and do their bit for the national interest".

    Minister Lord Ahmad agrees that Heathrow expansion is more expensive, but says that it also offers greater benefits than the alternative options. 

    Lord True
  13. Heathrow. Climate change. Crisis?

    With much of the criticism of Heathrow homing in on the environmental impact, it is interesting to note that Paul Fisher, who recently retired as deputy head of the Prudential Regulation Authority has said climate change “is potentially a systemic risk.” 

    View more on twitter
  14. BreakingGoldsmith gone

    BBC breaking news image

    Conservative MP Zac Goldsmith has resigned in a protest against the government's backing for a new runway at Heathrow Airport. 

    The Treasury has confirmed the formal process by which an MP steps down has been triggered.

    His departure will force a by-election in his constituency. 

  15. Heathrow expansion: 'enormous relief'

    Paul Drechsler, CBI president, said:

    “The Prime Minister’s green light to expand the UK’s aviation capacity comes as an enormous relief to firms in every corner of the country.

    “A new runway at Heathrow is really fantastic news, especially as the country has waited nearly 50 years for this decision. It will create the air links that will do so much to drive jobs and unlock growth across the UK, allowing even more of our innovative, ambitious and internationally focussed firms, from Bristol to Belfast, to take off and break into new markets.

    “This project should form part of a long-term framework for aviation capacity for the whole of the UK. Pressing ahead with key infrastructure projects like this will provide not only a welcome economic stimulus, but will show the world that we are well and truly open for business as we negotiate our exit from the EU.”

  16. Image of politics 'not enhanced' by announcement

    Airport expansion statement

    House of Lords

    Parliament

    Labour's Lord Rosser tells the House that the "image of politics in this country has not been enhanced" by today's announcement in favour of Heathrow, in the light of previous "emphatic" statements against a new runway by senior Conservative Party figures in the past.

    He asks if the promised year-long consultation period could lead to a "change of heart" from the government and asks if any of the other options being considered by the government are still possible. If this is the case, "uncertainty will continue for another year" he says.

    Lord Rosser
  17. International cake relations

    We've heard a lot about the UK's need to remain competitive in terms of air travel compared to major European hubs. 

    Well it seems there are no hard feelings with Amsterdam's Schiphol Airport following today's news. 

    Heathrow tweeted an image of the cake with a light-hearted message suggesting passengers have been using the Dutch airport during the delay in building a third runway. 

    You can see the tweets below. This isn't the first time the two airports have engaged in cake-related banter.

    The Dutch airport sent a congratulatory cake to Heathrow in July last year when the Airports Commission recommended that it should be expanded.

    View more on twitter
    View more on twitter