MORE than 5,000 jobs will be created as a result of a five-year, GBP1.1 billion (US$1.43 billion) investment in London Stansted Airport.

The plans were unveiled by UK Prime Minister Keir Starmer at the flagship International Investment Summit in London and will see Stansted unlock the potential of its runway through the extension of its existing terminal.

The funding will expand the existing terminal by a third, securing new air routes to key business and holiday destinations - boosting local supply chains and further cementing the UK's place on the international stage.

The investment consists of GBP600 million for the terminal extension, alongside another GBP500 million to improve the existing terminal and wider airport estate, according to Surrey, UK's Air Cargo Week.

Manchester Airports Group (MAG), owner of London Stansted, is in the final stages of the procurement process, with construction expected to begin in 2025. The project will take between two and three years to complete.

"We have been steadfast in our commitment to help British businesses grow and in turn boost the UK's economy. This announcement is a clear signal that Britain is open for business," UK Transport Secretary Louise Haigh said.