London Heathrow Proposes £49 Billion for Runway Expansion Plans

London Heathrow Airport has submitted a proposal to the UK government for a £49 billion ($65 billion) expansion that includes construction of the controversial third runway, as the biggest European hub seeks to maintain its competitive edge.

The plan involves a £21 billion, 3,500-meter (11,500 feet) runway, as well as building a new terminal, upgrading current facilities, and rerouting the M25, a major highway that circles London. The expansion project would allow 276,000 more flights a year and increase annual passengers from 82 million today to 150 million, Heathrow said on Thursday.