BAA has withdrawn its application to build a third runway at Heathrow.
The new Government has already pledged to overturn the decision to allow R3 to proceed, so the formal withdrawl of the application is something of a formality.
However, the BBC reports BAA will uphold a pledge to buy homes on sites where the runways were set to be built.
BAA’s chief executive Colin Matthews told the BBC: “We continue to believe that new capacity would strengthen the UK’s trading links with the global markets on which our economy and our competitiveness depend”.
