In a move that will boost the UK economy by £61 billion over the next 60 years, a decision on the runways preferred location will be consulted on in the new year.
Features of the project includes creating up to 77,000 additional jobs over a 14-year period as well as creating 5,000 new apprenticeships.
In addition, a package of over £700 million has been announced to improve noise insultation for nearby homes, while £40 million is being allocated to insulate and ventilate schools as well as other community buildings. A further £750m could be made available to local communities via a Community Compensation Fund, which will be determined through the planning process.
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Transport Secretary Chris Grayling said: "The step that government is taking today is truly momentous. I am proud that after years of discussion and delay this government is taking decisive action to secure the UK's place in the global aviation market – securing jobs and business opportunities for the next decade and beyond.
"A new runway at Heathrow will improve connectivity in the UK itself and crucially boost our connections with the rest of the world, supporting exports, trade and job opportunities. This isn't just a great deal for business, it's a great deal for passengers who will also benefit from access to more airlines, destinations and flights."
A spokesperson for Heathrow Airport said: "We welcome the news that Heathrow is the Government's preferred site for a new runway and look forward to hearing the full details later from the Transport Secretary.
"Expansion of Heathrow is the only option that will connect all the UK to global growth, helping to build a stronger and fairer economy.
"We await the full details, but Heathrow stands ready to work with Government, businesses, airlines and our local communities to deliver an airport that is fair, affordable and secures the benefits of expansion for the whole of the UK."
(LM/MH)
