British Airways owner refuses to bankroll Heathrow's £20bn third runway [Yahoo! Finance]
INTL CONSL AIRLNS S/ADR (ICAGY)
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Source: Yahoo! Finance
The owner of British Airways has ruled out funding a £20bn third runway at Heathrow under the airport's existing charging scheme for carriers. Luis Gallego, chief executive of BA owner International Airlines Group (IAG), said although the company favoured expanding Heathrow in principle, the hub was already too expensive even before increasing charges to fund the runway. Heathrow has said that expansion plans being pushed by Rachel Reeves, the Chancellor, would need to be supported by an increased levy on airlines running for 10 or 15 years. Mr Gallego said: “We support the mission of the Government for growth, but it cannot be done with the regulatory model that we have in place now. “With the current conditions we cannot afford the investment that is needed to develop the new runway. It must be done in an affordable and sustainable way. “Heathrow is the most expensive airport in the world. What you pay is double what you pay in Amsterdam, Paris or Madrid. The model is not
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