By Daniel Hunter

Bosses at Heathrow have said that creating a third runway at Heathrow Airport would be 'cheaper, quicker and better for the economy' than building a new airport.

In a new report, which is part of Heathrow's submission to the Aviation Commission, it claims adding capacity there would be better for jobs and passengers than a new hub at Stansted or in the Thames Estuary.

However, Boris Johnson claims a third runway would be a 'giant step back', and is instead still behind the idea of a Thames Estuary airport.

Under the stewardship of former CBI chief Sir Howard Davies, the commission is charged with examining airport capacity in the south east.

It is expected to publish an interim report by the end of the year and its final report due in the summer of 2015.

Heathrow chief executive Colin Matthews said expansion would "put Britain ahead in the global race, connecting UK business to growth more quickly and at less cost to the taxpayer than any other option for new capacity".

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