After decades of wrangling, the U.K. government announced Tuesday that it had taken the widely anticipated decision to approve the expansion of Heathrow Airport, paving the way for a third runway at Europe's busiest airport.
The announcement of the government's support for increasing the capacity of the U.K.'s airport infrastructure follows a meeting on Tuesday morning of its Airport committee, chaired by Prime Minister Theresa May and attended by senior Conservative party ministers.
In gaining the government's backing, this plan has now edged out Gatwick's bid for an additional runway and a competing idea to extend one of Heathrow's existing runways.
Heathrow chief executive John Holland-Kaye applauded the prime minister's decision as "a really good day for the country," that would help the country as it prepares to leave the European Union.
"Heathrow expansion has always been a vital cornerstone for the British economy," he told CNBC. "But with Brexit it has become even more important that we connect all regions and nations of the UK to all the emerging markets of the world."