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Construction of a third runway at Heathrow Airport has been a political hot potato for more than 20 years.

The then Labour government’s 2003 white paper The Future of Air Transport proposed that a third runway should be built at Heathrow. Since then, the project has been on-off-on.

When he was mayor of London, Boris Johnson promised to lie down in front of the diggers. Today, Kier Starmer and Rachel Reeves are all in favour – builders not blockers – while the London mayor, now the asthmatic Sadiq Khan, is still resolutely against it.

All the political wrangling has given Heathrow the time that was not afforded to HS2. ‘Starting too soon’ has recently become the official line on why HS2 is now such a basket case.  Heathrow’s third runway will never have that excuse.

The government issued an invitation last winter for Heathrow expansion proposals. Today the airport owners have submitted theirs, costed at £48bn. The headlines are still the same as the last time – notably moving the M25 and putting under the new runway – but planning and presentation has been finessed.

Heathrow says that it can deliver an operational third runway for £21bn within a decade if the government pulls its finger out with necessary policy changes and an appropriate regulatory framework.

The blueprint submitted to government today includes:

• a north-western runway up to 3,500 metres long
• increased capacity to serve up to 756,000 flights and 150 million passengers a year
• a new terminal ‘T5X’, expanding Terminal 2 and building three new satellite terminals.

The investment consists of three main elements:

• £21bn for the new runway and airfield infrastructure (up from £14bn in 2018 due to construction inflation),
• £12bn for the new T5X terminal and stand capacity
• £15bn for modernising the current airport through expanding Terminal 2 and ultimately closing Terminal 3.

The third runway and supporting infrastructure can be ready within a decade, Heathrow says, and the full investment across all terminals would take place over the coming decades.

Heathrow chief executive Thomas Woldbye said: “It has never been more important or urgent to expand Heathrow. We are effectively operating at capacity to the detriment of trade and connectivity. With a green light from government and the correct policy support underpinned by a fit for purpose regulatory model, we are ready to mobilise and start investing this year in our supply chain across the country. We are uniquely placed to do this for the country; it is time to clear the way for take-off.”

If the government implements the necessary policy changes, Heathrow plans to consult with stakeholders from next year., with a view to submitting a planning application in 2028.

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