The UK鈥檚 largest pension fund, the Universities Superannuation Scheme (USS), has thrown its weight behind the campaign to build a new runway at London鈥檚 Heathrow Airport.
In a letter to UK prime minister Theresa May, who has been in office since 15 July following the resignation of David Cameron, the 拢41.5bn (鈧�56.7bn) scheme sought to impress on the government its commitment to invest in Heathrow, .
Bill Galvin, chief executive of USS, told May: 鈥淔or us, investment is not a one-off transaction. Under the stewardship of the ownership consortium, Heathrow has been transformed, with private investment of more than 拢11bn over the last decade.
鈥淚t is now a world-class airport that Britain can be proud of and is regularly rated by passengers as the best airport in Western Europe.鈥�
Galvin added that, alongside partners from Canada, China, Qatar, Singapore, Spain and the US, it stood ready to commit a further 拢16bn in capital to Heathrow.
Plans to build a new runway in the south of England are politically contentious and led to pledges from parliamentarians in 2010 to oppose expansion.
As a result, the decision was subject to the three-year Airports Commission.
Its chairman, Howard Davies, published his final report last summer, but the government has yet to act on his recommendations.
鈥淗eathrow expansion is a ready-to-go project, which will create jobs as soon as it gets approval from government,鈥� Galvin continued.
鈥淚t has the backing of local people and UK regions, from MPs and council leaders across the different parties, from business and unions, from airlines and investors.鈥�
Galvin concluded: 鈥淚t is over a year now since the government鈥檚 own Airports Commission recommended Heathrow expansion, and investors around the world have been waiting to see that the UK government is serious about its national infrastructure plans.
鈥淎pproving Heathrow expansion will send the strongest possible signal that Britain is a confident, outward-looking nation that is open for business.鈥�
John Holland-Keye, chief executive of Heathrow Airport, welcomed Galvin鈥檚 intervention.
鈥淎t a time of uncertainty, a 拢16bn, privately funded infrastructure investment will create jobs and growth across the UK,鈥� he said.
鈥淲e have a real opportunity to build a better future for communities across our country and help fulfil the prime minister鈥檚 vision for the UK.鈥�
USS is a significant investor in UK infrastructure, and owns stakes in the UK air traffic control service.
It also owns stakes in several overseas assets, notably train franchises in Australia.
