The plan backed by the London mayor has been developed into proposals for a five or six-runway hub, linked to Ebbsfleet station, called the London Jubilee International Airport.

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The Americans are delighted because it means that far more American airlines can expect access to London Heathrow, the world's busiest international airport.

ECONOMIST: Why the Americans are happy and the British are moaning

The international importance of Heathrow airport and the City of London are obvious examples.

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Besides Cardiff International the TBI portfolio includes Belfast International and Stockholm Skavsta airports, and a controlling interest in London Luton airport, home of budget carrier EasyJet.

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London Oxford changed its name from Oxford Airport in 2009 in the hope the rebranding would raise its international profile.

BBC: Minoan Air to launch new Edinburgh to Oxford service