Rachel Reeves is thought to be eyeing up expansion of three major UK airports (Image: Getty)

       Rachel Reeves is reportedly set to back expansions at Heathrow and Gatwick airports as the Chancellor hopes to salvage the UK's flatlining economy.

       This would include a third runway at Heathrow, which previous estimates suggested could cost ￡14billion, and a second at Gatwick, which is believed would cost ￡2.2bn.

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       In addition, it is believed that the Government is to greenlight an application for a near doubling of capacity at Luton, a project estimated to come at ￡2.4bn.

       Bloomberg reports that Reeves could announce some or all of these decisions later this month.

       When asked about the prospect of new runways, the Government said it does not comment on speculation. But a spokesperson added: “We are determined to get our economy moving and secure the long-term future of the UK’s aviation sector.

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       Gatwick Airport wants to operate a second runway (Image: Getty)

       “All expansion proposals must demonstrate they contribute to economic growth, while remaining in line with existing environmental obligations.”

       In December, the boss of Heathrow, Thomas Woldbye, said that he needs to see a “clear direction” from the Government over whether the country “strategically wants” a third runway.

       Talking to the BBC, he also asked: “Is this something that we strategically want from a transport national strategy point of view?

       “Is this what we want? Then what can we do to make it happen? What are the safeguards we need?

       “I cannot see a company like ours investing that sum of money without having a clear steer and clear wish from Government that strategically that is the right thing to do.”

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       Rachel Reeves has said she wants the UK economy to grow (Image: Getty)

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       Gatwick Airport says that its Northern Runway is currently limited to acting as a taxiway, and only available when the Main Runway is out of use.

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       Officials added: "Our planning application proposes repositioning the centre line of the Northern Runway 12 metres north to allow dual runway operations, aligning with international safety standards.

       "Construction could start in 2025 and be completed and ready for operational use by the end of the decade. The proposals are low impact, with most construction taking place within the current airport boundary."

       Bosses say expansion would create around 14,000 new jobs, and inject ￡1billion into the region's economy every year.