A £1 billion rise in Heathrow’s debt has prompted campaigners against a third runway to argue the government’s decision to back the airport’s expansion is even more absurd.
The company’s accounts for last year, just released, show it reported £17.6bn of debt – up from £16.6bn in 2024.
The owners also reported pre-tax profits of £575m, down more than a third from £917m in 2024 – despite passenger numbers growing by 600,000.
Heathrow’s controversial £49bn expansion plan would mean more than 700 houses being demolished and the M25 motorway being moved into a tunnel to create the third runway, a new terminal and new taxiways.
Campaign organisation the No 3rd Runway Coalition said the rising debt raised questions over the viability of the project.
Paul McGuinness, chair of the coalition, claimed Heathrow was “the most indebted piece of infrastructure in the UK”.
Expansion, he said, was “an inordinately expensive project which would cost a fraction of the price anywhere else in the UK, and absurd when the total cost of Gatwick’s expansion is just £2.2bn”.
He warned that taxpayers could end up bailing out the project “if it’s ever to be more than an unfinished hole in the ground”.
Debt at Britain’s largest airport has gradually crept up from nearly £14bn in 2019.
Last year, chancellor Rachel Reeves backed the long-awaited expansion, saying it would potentially create 100,000 jobs and boost the UK economy.
The new runway, first approved by MPs in 2018, is expected to take at least a decade to create.
Critics say increases in noise and pollution, rises in carbon emissions, the closure and diversion of the M25 and the eviction of thousands from their homes make the scheme unacceptable.
Heathrow says it has a plan to achieve net zero carbon emissions by 2050, despite more flights, using less damaging fuels, with government financial incentives.
An airport spokesperson denied that the £17.6bn debt raised questions over the expansion plans.
She said: “Heathrow remains very well funded, maintains an investment-grade credit rating and maintains a strong financial position with liquidity of £2.9bn.”
The Independent has also asked the government to respond.
