MPs want overhaul of Heathrow regulation before third runway

cityam02-20 17:06

Critics of Heathrow's regulatory model say it incentivises profligacy Nearly nine in 10 members of parliament do not think Heathrow’s ambitious third runway expansion should go ahead unless there is a...

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Several of the site’s key cu","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0225284248.USD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" ACC","BK4588":"碎股","BK4585":"ETF&股票定投概念","BK4179":"石油天然气设备与服务","LU0306806265.USD":"SCHRODER ISF GLOBAL DIVIDEND MAXIMISER \"A\" ACC","CAA":"Standard Pacific Corp","HAL":"哈里伯顿","LU0225771236.USD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" (USD) INC MF","LU0256331488.USD":"SCHRODER ISF GLOBAL ENERGY \"A\" ACC","LU0306807586.USD":"SCHRODER ISF GLOBAL DIVIDEND MAXIMISER \"A\" (USD) INC QF","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","LU0985481810.HKD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" (HKD) INC M"},"translate_title":"国会议员希望在第三条跑道之前彻底改革希思罗机场监管","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAA":1,"HAL":1},"content_text":"Critics of Heathrow's regulatory model say it incentivises profligacy Nearly nine in 10 members of parliament do not think Heathrow’s ambitious third runway expansion should go ahead unless there is a major overhaul of its regulatory framework to help bring down costs.A fresh poll of British lawmakers found that 84 per cent are reluctant to vote through the historic expansion without the west London hub being subject to a parallel shake-up to the way it operates, amid fears the current model fails to incentivise it to keep development costs down.Half of MPs also believe Heathrow does not currently provide passengers with good value for money, according to the Savanta poll of over 100 members of parliament, shared exclusively with City AM.The research comes four months after the Civil Aviation Authority (CAA), the regulator responsible for overseeing airports and airlines in the UK, confirmed it would explore a new regulatory model for Britain’s only hub airport. Several of the site’s key customers, including British Airways owner IAG and Virgin Atlantic, have joined a campaign calling for the watchdog to reexamine the current model, which has meant the airport charges the highest fees in the world. \n\nThe industry push – called Heathrow Reimagined – was launched a year ago and is being spearheaded by hotel tycoon Surinder Arora. It has since been backed by some of the airport’s largest stakeholders, including airline industry body IATA and Swissport, Heathrow’s main ground services provider.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“This research demonstrates that MPs from across the political spectrum share our outlook on the need for radical change in the way in which Heathrow operates, including the need for regulatory change to improve capital efficiency and crucially, deliver a better customer experience at the airport,” a spokesman for Heathrow Reimagined, which commissioned the survey, told City AM.Heathrow model comes under scrutinyThe CAA consultation was outlined alongside the Department for Transport’s announcement confirming its intention to proceed with Heathrow Airport Limited’s (HAL) plan for a third runway, after reviewing multiple options. In an announcement made alongside the DfT’s decision, the CAA said it would explore whether “an alternative model for capacity expansion could better serve the interests of consumers”.The airport’s operator, which has presided over a decades-long monopoly at the hub, submitted an ambitious £49bn proposal that included plans to reroute the M25 in order to build a full-length runway.\n\nThe budget for its bid came in at more than double that proposed by the operator Heathrow West in ministers’ final two, fuelling critics’ concerns that the incumbent’s regulatory model did not incentivise it to keep a lid on costs. Under the current framework, HAL is able to pass on the costs of any expansions or improvements onto customers and airlines meaning there is little pressure on its top brass to forge price-sensitive plans. Supporters of Heathrow Reimagined say that the current system encourages the airport to spend more on any upgrades, because they “earn higher guaranteed returns”.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2612263221","isCrawlerRequest":true}