Luton airport’s multi-million pound expansion plans will help bring £1 billion annually to the UK economy and create more than 10,000 jobs, a study from Oxford Economics has found.

The airport has already started investing £110 million to redevelop the airport by 2020.

As well as aiming to deliver major improvements for passengers, the transformation will increase capacity from 12 million to 18 million passengers per year.

The report comes as Luton airport experiences record passenger growth – 24 per cent more people passed through the airport in November this year than in the same month last year. Luton claims this makes it the fastest growing airport in the UK.

It also added 20 routes and welcomed four airline partners in 2015.

The recent Davies Commission report highlighted that airports such as Luton have a “crucial role” to play in meeting capacity demand for London and the south east in the short-medium term.

Luton airport CEO Nick Barton, CEO of LLA, said: “This report vividly illustrates the economic benefits that LLA brings to the local and regional economy. As we deliver on our ambitious £110 million plans to transform the airport, we will be working hard to ensure that our region and local communities reap the maximum benefit and share in our success.”

Source: BBT