Heathrow should get a third runway and be allowed to relax flight restrictions to maintain London's place as a leading world city, a report into the capital's transport infrastructure claims today.
Another runway was the "most credible" way to address a lack of flights to emerging markets says the report by business group London First.
But business leaders were branded "out of touch" by one group campaigning to stop expansion of the airport.
The report warns that a "do nothing" approach to aviation could cost the economy up to £47 billion.
Ministers who have ruled out a third runway were branded "negligent" by London First chief executive Baroness Valentine.
"Government needs to get to grips with the growing pressures on our infrastructure - particularly our vital air links," she said.
The report follows a year-long commission into the capital's transport links by a panel of business figures including bosses from John Lewis and Deutsche Bank.
It also argues there was a "strong case" for congestion charging on jammed roads and warned high annual rail fare rises were "not sustainable". But it warned the greatest threat to London's competitiveness was a lack of air capacity, and said a new hub airport such as the "Boris Island" project would not address short and medium-term issues.
The report says: "Congested roads, overcrowded trains and aircraft circling above the South-East waiting for permission to land at Britain's only hub airport, Heathrow, are all signs of our critical strategic transport infrastructure operating at its limits."
John Stewart, of campaign group HACAN ClearSkies, said expansion of Heathrow was "unnecessary for the economy and once again would face overwhelming opposition from local residents," adding: "London First are completely out of touch with local opinion and all the main political
parties."
