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London Gatwick Economic Summit highlights growth and challenges

Our CEO, Kevin Richmond, recently attended the London Gatwick Economic Summit. Below he shares some of the discussion from the day.

Gatwick Airport is a major driver of the local economy here in Sussex, employing tens of thousands of people directly and through its supply chain. Their summit attracted over 200 people from the public, private and third sectors to present information about the local and global economy. It was also a good opportunity to learn about Gatwick Airport’s recent performance and future plans.

It was interesting to hear of the growth of long-haul routes in recent years and how these provide year-round passenger numbers and revenue compared to the seasonal short-haul holiday routes. The airport was very proud of its new partnership with Singapore Airlines, which will bring business opportunities with Southeast Asian markets, where around 60% of the world’s population lives. I had no idea, for example, that Japan is becoming a major market for Sussex sparkling wine.

There was also discussion of the challenges of exporting post-Brexit and the possible impact of US trade tariffs. Both factors may make Asian markets more attractive to Sussex companies looking to export.

There was a rather downbeat speech from the Confederation of British Industry which contrasted the entrepreneurial spirit demonstrated by several local businesses and organisations. For example, we heard from a local company which has become a global supplier of allergen-free food to airlines, and we learnt that Sussex is a world leader in quantum computing.

The event also launched a new Gatwick Airport Economic Zone, bringing public and private partners together to boost the local economy and solve problems. The airport currently has around 43 million passengers per year. They believe that by clever use of artificial intelligence, this could increase to 50 or 60 million and their proposed use of the second runway may allow for 75 million.

Regardless of what may happen at the airport, we have been pleased to work with London Gatwick Airport Ltd and our sister foundations in Surrey and Kent to manage the Gatwick Foundation Fund. Since 2016, the fund has given £540,000 worth of grants to charities across the north of the county and similar amounts in Kent and Surrey.

The Summit was a good opportunity to hear directly from business leaders about the issues concerning them and how they see the local economy developing. It was also a chance to promote Sussex Community Foundation and the importance of local charitable giving. Through its partnership with three community foundations, Gatwick Airport is demonstrating the benefit of businesses giving back to their community and we thank them for their ongoing support.

Published on 11th Dec 2024

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