Gatwick Airport's £2.2 billion second runway proposal could generate thousands of jobs and help "kickstart the economy", Rachel Reeves declared.
Under the privately-funded scheme, the West Sussex airport will relocate its emergency runway 12 metres northward, allowing it to accommodate departures of narrow-bodied aircraft including Airbus A320s and Boeing 737s, as reported by .
This development will permit approximately 100,000 additional flights annually.
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The Chancellor stated: "This government promised to kickstart the economy – and we are.
"A second runway at Gatwick means thousands of more jobs and billions more in investment for the economy."
Reeves regards the proposal as demonstrating the government's determination to support "the builders, not the blockers."
She commented: "By slashing red tape and transforming the planning system to get Britain building again we are investing in this country's renewal and building an economy that works for working people."
Full runway for 2029 planned
The Gatwick proposal has received approval from transport secretary Heidi Alexander.
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She endorsed the project as a "no-brainer" for economic expansion, a government source revealed, indicating flights could commence from the new complete runway ahead of 2029.
The Cabinet minister is content with modifications implemented, addressing concerns including noise reduction and the percentage of passengers who would journey to and from the airport via public transport. This follows the Planning Inspectorate's initial rejection of the airport's application and its recommendation earlier this year that Ms Alexander should give the project the green light if modifications were implemented.
Fresh pledges include Gatwick's management establishing its own objectives for the share of passengers travelling to the airport via public transport, rather than a legally enforceable target.
Residents impacted by increased noise will be entitled to request that Gatwick funds triple-glazed windows.
Gatwick: Expansion will create 14,000 jobs
Property owners living directly under the proposed flight paths who opt to relocate could receive stamp duty coverage and reasonable relocation expenses, plus estate agent fees up to 1% of the purchase price.
Gatwick claims its proposals will generate £1 billion annually in economic advantages and produce an extra 14,000 employment opportunities.
The source indicated the expansion must proceed in accordance with climate change pledges and satisfy stringent environmental criteria.
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Local activists opposing the expansion raise concerns about surface transport impacts, noise pollution, housing supply and sewage treatment, though the airport maintains it has undertaken "full and thorough assessments" of these matters.
The Labour government's support for a third runway at Heathrow Airport as part of its economic growth strategy has similarly attracted criticism from environmental organisations and opposition MPs. Shadow transport secretary Richard Holden applauded the move, criticising Labour for postponing the "key" decision.
He stated: "This decision should have been made months ago. Labour pledged to go 'further and faster' on growth, yet they've dithered and delayed at every turn.
"Pushing key decisions down the road has only created uncertainty for businesses and local communities."