00:00In terms of the future, I think it would be remiss of me not to talk about the work of the Northern Runway project.
00:06I think many people in the room would have been following this closely.
00:10It's a project which we've been working on for about seven years now
00:14and we're getting very close to finding out what the government decision is.
00:19Tim Norwood, who I think is known to many people in the room, has been leading this work
00:24and it's very important for the airport.
00:26I think as Sasha showed earlier, by the late 2030s there's no reason why the airport shouldn't grow to 75 million passengers
00:35should this £2.2 billion project, which would be fully privately funded, be given the go-ahead in the new year.
00:43If it is given the go-ahead, which we very much hope it will be,
00:4614,000 additional jobs across the region will be created,
00:51adding a further £1 billion to the regional economy when the runways have been running.
00:56So, from our perspective, this is an incredibly important project.
00:59We've worked really hard, so we're hoping early in the new year
01:03that finally, after seven years of work, we will have permission to take this project forward to the benefit of the regional economy.
01:11So we've had an examination this year, a six-month examination,
01:16where the plans that we've put forward have been thoroughly scrutinised by a panel of five planning inspectors.
01:22That examination finished at the end of August.
01:25The planning inspectors then had three months to draft their report.
01:30So in the middle of next week, at the end of November, the planning inspectors will put that report forward to government.
01:36They'll inform all parties that that's happened, but will not see the report at that stage.
01:41And then it's really over to the Secretary of State for Transport.
01:44She will then have three months to decide.
01:46So we're expecting very early in the new year, before the end of February,
01:50to hear that we've been successful in our quest to bring into routine use our Northern Runway.
01:56Extra 14,000 jobs and an additional £1 billion on GPA.
02:01If the Northern Runway does get passed, when do you think those numbers will be realised?
02:08Morning, Paul. Nice to see you.
02:11When we look at the Northern Runway, we'll get the decision, hopefully in February of next year.
02:17We're thinking February 27th, or before.
02:20And then what we'll do is start to complete all of the detailed design works, and then move into the construction phases.
02:28I think at the earliest, we start to see the beneficial use of the Northern Runway around about the turn of this decade.
02:37So let's say maybe the early 2030s, just given where we are now with time.
02:43But the runway itself actually fills up, once it's open, relatively quickly.
02:48So not only are we developing the runway, but we also have to develop the surface access, road network, and the terminal facilities.
02:56We're going to be quite busy doing all of that, Paul.
02:59And in pretty short order, you'll start to see that £1 billion of economic value-add flow, probably around about the mid-2030s.
03:08But we expect it to fill up quickly. There's a lot of pent-up demand.
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