Member

remedies, including how it operates airport facilities, separating airport functions and governing capital investment. I have put that in because we had a discussion when we were talking about Heathrow. My noble friend Lord Moylan referred to the regulated asset base at that airport. The CAA is currently consulting on changes that will be required. I think it has effectively conceded that the current model is not adequate, so it is consulting on changes that it might need in order to facilitate the £49 billion investment in the third runway. When I asked this at Second Reading, the Minister confirmed, if I remember correctly, that the CAA did have these powers, but I want to test that in a bit more detail.