LONDON: Heathrow Airport said Monday it welcomed more than 84 million travelers last year, a record high amount for the London hub which is set to undergo a major expansion.
The annual update comes as Heathrow — Europe’s busiest airport by passenger numbers in 2024 — starts work on a new runway to “unlock even more of that connectivity, trade and economic growth for the UK,” the airport’s chief executive Thomas Woldbye said in a statement.
Istanbul airport last week disclosed that it welcomed 84.4 million passengers in 2025, just below Heathrow’s figure of 84.5 million.
Heathrow said almost 7.2 million passengers traveled through the hub last month, its highest number on record for the month of December.
The airport in August unveiled a £49-billion ($66-billion) expansion plan, including the cost of building a long-awaited third runway, approved by the UK government after years of legal wrangling.
The works will increase capacity to up to 150 million passengers per year, according to Heathrow.
It would be a rare expansion in Europe, where countries are split between efforts to reduce greenhouse gas emissions and the needs of a strategic sector that has seen demand soar since the Covid-era lockdowns.
The runway would cost £21 billion, with flights expected to take off within a decade, while the rest of the privately-funded investment will go toward expanding and modernizing the airport.
Heathrow airport sees record high annual passenger numbers
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Heathrow airport sees record high annual passenger numbers
- The airport in August unveiled a £49-billion ($66-billion) expansion plan, including the cost of building a long-awaited third runway
Britain needs ‘AI stress tests’ for financial services, lawmakers say
- Lawmakers urge AI-specific stress tests for financial firms
LONDON: Britain’s financial watchdogs are not doing enough to stop artificial intelligence from harming consumers or destabilising markets, a cross-party group of lawmakers said on Tuesday, urging regulators to move away from what it called a “wait and see” approach.
In a report on AI in financial services, the Treasury Committee said the Financial Conduct Authority and the Bank of England should start running AI-specific stress tests to help firms prepare for market shocks triggered by automated systems.
The committee also called on the FCA to publish detailed guidance by the end of 2026 on how consumer protection rules apply to AI, and on the extent to which senior managers should be expected to understand the systems they oversee.
“Based on the evidence I’ve seen, I do not feel confident that our financial system is prepared if there was a major AI-related incident and that is worrying,” committee chair Meg Hillier said in a statement.
TECHNOLOGY CARRIES ‘SIGNIFICANT RISKS’
A race among banks to adopt agentic AI, which unlike generative AI can make decisions and take autonomous action, runs new risks for retail customers, the FCA told Reuters late last year.
About three-quarters of UK financial firms now use AI. Companies are deploying the technology across core functions, from processing insurance claims to performing credit assessments.
While the report acknowledged the benefits of AI, it warned the technology also carried “significant risks” including opaque credit decisions, the potential exclusion of vulnerable consumers through algorithmic tailoring, fraud, and the spread of unregulated financial advice through AI chatbots.
Experts contributing to the report also highlighted threats to financial stability, pointing to the reliance on a small group of US tech giants for AI and cloud services. Some also noted that AI-driven trading systems may amplify herding behavior in markets, risking a financial crisis in a worst-case scenario.
An FCA spokesperson said the regulator welcomed the focus on AI and would review the report. The regulator has previously indicated it does not favor AI-specific rules due to the pace of technological change.
The BoE did not respond to a request for comment.
Hillier told Reuters that increasingly sophisticated forms of generative AI were influencing financial decisions. “If something has gone wrong in the system, that could have a very big impact on the consumer,” she said.
Separately, Britain’s finance ministry appointed Starling Bank CIO Harriet Rees and Lloyds Banking Group ‘s Rohit Dhawan as “AI Champions” to help steer AI adoption in financial services.
