Gatwick's new runway proves Labour has abandoned its principles. Thank goodness

The Government’s decision to give the go-ahead to the second runway at Gatwick is welcome and good news.

Economically, it means billions of pounds in additional growth and thousands of new jobs. Strategically, it boosts the UK’s position as an international travel hub – preventing the loss of momentum and opportunities to competitors like Amsterdam’s Schiphol airport.

Fiscally, it’s good news for the Government too. The project will generate a lot of additional tax revenue, and a concrete basis for economic optimism may give the Office for Budget Responsibility (OBR) sufficient reason to raise its forecasts. In our slightly bizarre era, it’s the OBR’s spreadsheet wizards who get to determine how much spending or borrowing Rachel Reeves is allowed come Budget-time, so that matters more