The UK government has given its support for a new runway at London’s Heathrow Airport.

“The step that government is taking today is truly momentous,” said Chris Grayling, transport secretary. “I am proud that after years of discussion and delay this government is taking decisive action to secure the UK’s place in the global aviation market – securing jobs and business opportunities for the next decade and beyond. A new runway at Heathrow will improve connectivity in the UK itself and crucially boost our connections with the rest of the world, supporting exports, trade and job opportunities. This isn’t just a great deal for business, it’s a great deal for passengers who will also benefit from access to more airlines, destinations and flights.”

The proposed location of Heathrow’s third runway is to the north of the current site. It will be 3,500 metres long and will give Heathrow a capacity of up to 740,000 flight movements a year.

The expansion, which is to be financed by the private sector, will boost trade connections with destinations around the world. According to the government, Heathrow accounts for 31 percent of the UK’s non-EU trade and handles more freight by value than all other UK airports combined.

The government has also proposed a six-and-a-half-hour night curfew, more stringent noise restrictions and improvements to airspace management to mitigate the effects of an increase in flights.

The scheme will be taken forward in the form of a draft National Policy Statement for public consultation in 2017, according to the government.