Heathrow Airport and the Birth of Neoliberalism
by Prof. James Vernon (University of California, Berkley) These are odd times to be reading and writing about Heathrow. The Age of COVID has reduced passenger numbers by a staggering 72% to levels not seen since the Oil Crisis in the mid-1970s. That crisis led the government to shelve plans for a third London airport for a decade. This year the planet has had some reprieve as COVID has compelled an airport still seeking to build a third runway and more terminals to operate on just one runway and three of its five terminals. It is workers in the aviation industry that are once again made to pay the costs as massive mutlinationals worry about collapsing profits and falling share prices. British Airways, whose recently retired CEO has made £33million in salary, bonuses and pension payments since 2011, plans to make 12,000 of its 42,000 workers redundant. It has already laid off half that number, many of them cabin crew. Heathrow, whose major shareholders include the sovereign wealth funds of Qatar and Singapore as well as the UK Universities Superannuation Scheme, has 4,700 employees. The airport has proposed pay-cuts, early retirements and threatened section 188 notices that would allow them […]