GATWICK’S boss has warned that plans for a second runway could be shelved if the Chancellor pushes ahead with a hefty business rates hike in tomorrow’s Budget.
Stewart Wingate, managing director of UK airports for owners VINCI and GIP, said the £2.2billion expansion would be “put into question” if Rachel Reeves increases taxes on the industry.
The Gatwick plan, approved by Transport Secretary Heidi Alexander in September, is expected to add around 100,000 flights a year.
But Mr Wingate told Bloomberg: “I can’t ever recall a cost increasing by this order of magnitude. It’s actually sufficient to put into question our investment.
“This could jeopardise the very growth project that the Chancellor herself has prioritised.”
Vinci and GIP own Gatwick, Edinburgh and Belfast International between them.
Mr Wingate said the Government should cap any rise in business rates at 40 per cent, warning industry signals point to a much steeper jump.
He said: “This would effectively wipe out a huge proportion of our profitability.”
Business rates are a major fixed cost for airports, which argue they cannot pass on sharp increases without harming investment and jobs.
Job ads fall
JOB vacancies have fallen to their lowest since 2021 ahead of Labour’s Budget.
Advertised roles slipped to 796,385 in October, down 7 per cent on a year ago and 3.6 per cent on the month, according to recruiter Adzuna — the lowest since 2021.
Competition is fierce, with 2.12 jobseekers per role.
Graduate roles were down 41 per cent on last year, though entry-level jobs now make up 26 per cent of the market.
UK ‘dearest for nuke’
BRITAIN was branded the most expensive place to develop nuclear power — as an independent task force urged the Government to slash red tape.
The Nuclear Regulatory Taskforce said “overly complex” rules drove up costs, weakened the UK’s global standing and pushed up consumers’ bills.
Its final report come just days after Ofgem said household energy bills will rise by 0.2 per cent from January 1.
Calling for a “radical reset”, the task force set out 47 recommendations to speed up projects and cut costs — including a one-stop shop for nuclear decisions, a new Commission for
Nuclear Regulation and merging the Defence Nuclear Safety Regulator into the Office for Nuclear Regulation.
Taskforce chairman John Fingleton said: “This is a once in a generation opportunity. The problems are systemic, rooted in unnecessary complexity and a mindset that favours process over outcome.”
Mine buy axe
AUSTRALIAN mining company BHP has walked away from a fresh takeover bid for London-listed rival Anglo American.
Just 18 months after its last attempt, BHP said it was “no longer considering a combination”.
It clears the path for Anglo’s merger with Canadian Teck Resources.
Anglo Teck, which would be worth close to £40billion, will keep its primary listing in London, but will be led from Vancouver.
