The money will be put towards Gatwick’s transformation programme, which includes expansion of the north and south terminals and the upgrading of shopping facilities.

The cash injection takes spending at the airport over £1.2bn by 2021, and will mean more than £2.5bn has been spent on the airport since 2009.

The investment plans were unveiled by London mayor Sadiq Khan at an event at the airport today.

Mr Khan renewed his support for a second runway at Gatwick, saying it would bring “substantial economic benefits”.

The new mayor, who has spoken out against Heathrow expansion, said it was important a decision was made swiftly and urged new prime minister Theresa May to back Gatwick.

The decision will rest at the feet of new transport secretary Chris Grayling, who was given the role yesterday as part of Mrs May’s cabinet reshuffle.

Mr Grayling is MP for Epsom and Ewell, which is situated just 31 km from Gatwick.

He has not commented publicly on which expansion plan he is in favour of. However, the Independent reported in 2009 that Mr Grayling had privately voiced concerns over the party’s opposition to Heathrow.