Stansted Airport chief: Expansion key for Cambridge-London tech corridor amid ‘huge demand’
London Stansted’s expansion will be key for the “globally important” Cambridge-London tech corridor, its boss has argued after the hub became the first major UK airport to return to pre-pandemic passenger levels.
Stansted Airport lies at the heart of the so-called Golden Triangle to the north of London. The region is home to a sprawling ecosystem of companies including Google, GSK, Microsoft and Raytheon, as well as both Oxford and Cambridge University.
Cambridge itself is one of only 13 cities in the UK that provides a net annual gain back into the economy, at around £1bn.
In an interview with City PM Stansted managing director Gareth Powell, said: “We’re very fortunate here that we sit between two globally important cities, London obviously and Cambridge, important for medical providers and scientists, advanced manufacturing and all of the businesses that exist in the tech corridor.”
“So our expansion is important to support businesses and to support growth and commerce internationally, and to support UK plc development.”
Stansted, which is owned by the MAG Group conglomerate, has been granted permission to expand its passenger capacity to 43m per year and is in separate proposals to extend its terminal building.
It estimates the terminal extension would double its economic contribution to £2bn annually, while boosting its long-haul offerings to Dubai, Turkey and North Africa.
“One area of focus for us going forward is to be able to attract airlines here that are able to provide those longer distance services,” Powell told City A.M.
He added that there had been “huge demand, particularly from Cambridge and the tech corridor through into northern East London, for long haul flights from this airport”.
But a number of rival London airports’ expansion plans have faced roadblocks. London City Airport is embroiled in a spat with Newham council over its proposals, while Heathrow’s long-delayed third runway is under review.
Harriet Fear MBE, chair of the region’s business membership organisation Cambridge Ahead, said: “If you look at it just through the lens of innovation, it has to be a good thing for increasing the economic advantage of Cambridge and the region.”
Fear told City PM there was an appetite from the Golden Triangle’s tech and science businesses for direct flights between Cambridge, Boston and the West Coast of the US.
“The companies are clamouring for it because their point is, you know, how much bigger in a good way, in a sustainable way, could Cambridge become for the good of the UK, but also for the good of addressing global healthcare challenges, tech challenges.”
Harriet Fear MBE, Chair of Cambridge Ahead
She added: “Cambridge has always looked at solving really thorny challenges and issues, and so by bringing innovation in Cambridge closer to innovation in Boston, West coast US, Shenzen, wherever it might be, that has to be a good thing.”