The government has signalled that plans to bring a second runway at Gatwick into regular use will get the green light if environmental conditions are met.
Transport Secretary Heidi Alexander said she was “minded to approve” the airport’s plans, but the deadline for a decision has now been pushed back until the end of October.
The main stumbling blocks facing Gatwick’s proposals are related to its provisions for noise prevention and public transport.
The Planning Inspectorate had made recommendations in those two areas after initially rejecting the scheme.
The airport welcomed the government’s statement but did not say whether it saw a need to adjust its plans to meet the conditions.
Gatwick has until April 24 to respond to the new proposals.
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The northern runway already exists at the airport parallel to the main one, but cannot be used at the same time as it is too close.
It is currently limited to being a taxiway and only used for take-offs and landings if the main one has to shut.
Gatwick wants to move it 12 metres further away to solve this problem.
Image: The northern runway is currently only used for emergencies or where the main one is closed. Pic: PA
It says being able to run both at the same time would allow around 100,000 more flights per year and create 14,000 jobs.
Gatwick says the £2.2bn project would not need government money, would be 100% privately funded, and could be complete by the end of the decade.
The airport is already the second busiest in the UK, and the busiest single runway airport in Europe.
Campaigners argue the additional traffic would be catastrophic for the environment and the local community in particular.
The Conservatives accused the government of “failing to deliver” and said the decision to “kick the can down the road… shows this promise wasn’t worth the paper it was written on”.
Conservative shadow transport secretary Gareth Bacon added: “Labour are either serious about growth or they are not. This is latest proof that they have no idea how to deliver it.”
Today’s update comes after the chancellor said last month the government also supported a third runway at Heathrow as part of its wider effort to bolster UK economic growth.
However, the formal planning process is still to take place.
Gatwick’s additional runway would be unlikely to open until the end of the decade, assuming any legal challenges were swiftly overcome.
A government source told Sky News: “The transport secretary has set out a path to approving the expansion of Gatwick today following the Planning Inspectorate’s recommendation to refuse the original application.
“This is an important step forward and demonstrates that this government will stop at nothing to deliver economic growth and new infrastructure as part of our Plan for Change.
“Expansion will bring huge benefits for business and represents a victory for holidaymakers. We want to deliver this opportunity in line with our legal, environmental and climate obligations.
“We look forward to Gatwick’s response as they have indicated planes could take off from a new runway before the end of this Parliament.”
Stewart Wingate, Gatwick’s chief executive, said: “We welcome today’s announcement that the Secretary of State for Transport is minded to approve our Northern Runway plans and has outlined a clear pathway to full approval later in the year.
“It is vital that any planning conditions attached to the final approval enable us to make a decision to invest £2.2bn in this project and realise the full benefits of bringing the Northern Runway into routine use.
“We will of course engage fully in the extended process for a final decision.”
He added: “We stand ready to deliver this project which will create 14,000 jobs and generate £1bn a year in economic benefits. By increasing resilience and capacity we can support the UK’s position as a leader in global connectivity and deliver substantial trade and economic growth in the South East and more broadly.
“We have also outlined to government how we plan to grow responsibly to meet increasing passenger demand, while minimising noise and environmental impacts.”
A spokesperson for campaign group Communities Against Gatwick Noise Emissions (Cagne) responded: “We welcome the extension by the secretary of state until October as she has obviously recognised the many holes in the Gatwick airport submissions during the planning hearings.
“Cagne do not believe Gatwick has been totally up front with their submissions, and the planning hearings left so many questions unanswered.”
Greenpeace UK’s policy director, Doug Parr, said of the process ahead: “By approving Gatwick’s expansion the government will hang a millstone the size of a 747 around the country’s neck.
“Such a decision would be one that smacks of desperation, completely ignoring the solid evidence that increasing air travel won’t drive economic growth. The only thing it’s set to boost is air pollution, noise, and climate emissions.”
Ryanair chief executive Eddie Wilson told Sky News the project would do nothing to support growth as there was spare capacity already and claimed the best way to boost the economy was by cutting Air Passenger Duty.
“You have increased taxes in the UK. It’s the airlines that decide on capacity, not the airports,” he said.
Cryptocurrency-based yield products still lag far behind their traditional finance (TradFi) counterparts, but new blockchain sectors such as liquid staking tokens (LSTs) and real-world assets (RWAs) are steadily closing the gap, according to a new report co-authored by RedStone Oracles, Gauntlet, Stablewatch and the Tokenized Asset Coalition, shared with Cointelegraph.
Only 8% to 11% of cryptocurrencies offer passive yield-generating models, indicating a significant gap compared to 55% to 65% of TradFi assets, roughly a fivefold disparity, the report found. However, stablecoins, RWAs and “blue-chip” yield tokens are rapidly closing decentralized finance’s (DeFi) passive income gap.
Emerging regulations, such as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, passed in July, are helping the industry catch up, resulting in a rising demand for both yield-bearing stablecoins and RWAs, the report says. The GENIUS Act established clear rules for stablecoin collateralization and mandates compliance with Anti-Money Laundering laws.
“As clarity emerges, yield-bearing stablecoins are exploding: market capitalization is up 300% YoY, with new protocols launching monthly to capture the opportunity.”
RWAs, which are tokenized versions of traditional assets such as bonds or funds, are also introducing new sources of passive income as major institutions recognize the efficiency of onchain settlement.
Blue-chip yield tokens, such as Ether (ETH) LSTs and Solana (SOL) LSTs, are also gaining traction by creating more capital efficiency for cryptocurrency stakers.
Ether Liquid Staking Tokens. Source: Redstone
ETH LSTs rose from six million to 16 million in the two years leading up to November, gaining $34 billion in notional value based on today’s prices.
LSTs, such as Lido’s stETH (STETH), offer crypto stakers an equivalent of the staked token, which can be traded or deployed in other DeFi protocols, thereby creating more capital efficiency.
Crypto yield-bearing assets poised for “exponential growth” in the next months
Crypto yield-bearing assets are poised for “exponential growth” in the coming months and are set to benefit from the gap between DeFi and TradFi, according to the report, which called it “crypto’s greatest opportunity.”
“As the ‘Crypto-as-infrastructure’ thesis gains traction and onchain finance proves its superior capital efficiency, yield-generating crypto assets are positioned for exponential growth,” as institutional capital will seek more “efficiency,” it said.
Yield-generating tokens, such as Solana LSTs, are also gaining traction among institutions, as they can earn a passive yield of approximately 4% on top of their holdings.
SOL Liquid Staking Tokens. Source: RedStone
Much like Ether, Solana LSTs doubled in supply, from 20 million in January 2024 to about 40 million at the time of writing, with a total of 67% of the Solana token supply now locked in staking smart contracts.
Cryptocurrency exchange Coinbase will reincorporate to Texas from Delaware, a move highlighting the respective states’ legal and regulatory environments.
In a Wednesday X post, Coinbase Chief Legal Officer Paul Grewal said the crypto exchange would move its incorporation to Texas. In a Wall Street Journal op-ed, Grewal wrote that the climate in Delaware’s courts had become “rife with unpredictable outcomes,” while Texas offered “efficiency and predictability.”
“This decision was not made lightly, but we’ll always do what’s best for our customers, our employees, and our shareholders,” said Grewal.
Coinbase announced in 2021, as COVID-19 restrictions lessened in the United States, that it would close its physical headquarters in San Francisco as part of the company’s “remote-first” policy.
Although the crypto exchange has since opened another location in the city and maintains offices in New York, it was incorporated in the state of Delaware.
Grewal’s announcement followed Coinbase CEO Brian Armstrong saying that the company would “hire about 1,000 people” in the US as a result of the country’s regulatory environment for digital assets.
Armstrong has been a regular visitor to Washington, D.C., since the inauguration of US President Donald Trump, lobbying for a market structure bill and attending a White House crypto summit.
Texas as a US crypto and blockchain hub
Several cryptocurrency and blockchain companies have offices or operations in the Lone Star State, notably miners like Riot Platforms, MARA Holdings and Bitdeer. The city of Austin, the state’s capital, is also home to local offices of Big Tech companies like Meta and Google.
Cointelegraph reached out to Coinbase for comment on the Texas move, but had not received a response at the time of publication.
Thousands of job cuts at the NHS will go ahead after the £1bn needed to fund the redundancies was approved by the Treasury.
The government had already announced its intention to slash the headcount across both NHS England and the Department of Health by around 18,000 administrative staff and managers, including on local health boards.
The move is designed to remove “unnecessary bureaucracy” and raise £1bn a year by the end of the parliament to improve services for patients by freeing up more cash for operations.
NHS England, the Department of Health and Social Care, and the Treasury had been in talks over how to pay for the £1bn one-off bill for redundancies.
It is understood the Treasury has not granted additional funding for the departures over and above the NHS’s current cash settlement, but the NHS will be permitted to overspend its budget this year to pay for redundancies, recouping the costs further down the line.
‘Every penny will be spent wisely’
Chancellor Rachel Reeves is set to make further announcements regarding the health service in the budget on 26 November.
And addressing the NHS providers’ annual conference in Manchester today, Mr Streeting is expected to say the government will be “protecting investment in the NHS”.
He will add: “I want to reassure taxpayers that every penny they are being asked to pay will be spent wisely.
“Our investment to offer more services at evenings and weekends, arm staff with modern technology, and improving staff retention is working.
“At the same time, cuts to wasteful spending on things like recruitment agencies saw productivity grow by 2.4% in the most recent figures – we are getting better bang for our buck.”
Image: Health Secretary Wes Streeting during a visit to the NHS National Operations Centre in London earlier this year. Pic: PA
He is also expected on Wednesday to give NHS leaders the go-ahead for a 50% cut to headcounts in Integrated Care Boards, which plan health services for specific regions.
They have been tasked with transforming the NHS into a neighbourhood health service – as set down in the government’s long-term plans for the NHS.
Those include abolishing NHS England, which will be brought back into the health department within two years.