Take a look at the lengthy flight delays, broken travelators and cramped seating at London's Heathrow and it is hard to argue against fresh investment. Even so, BAA, the airports operator, has secured a generous pricing settlement for the next five years that will allow it to raise the landing fees it charges airlines by much more than expected. The airlines are squealing. Passengers may balk, too, at the prospect of paying more for improved standards that should already be in place.

It is tempting to accuse the UK's Civil Aviation Authority of caving in to pressure from BAA and agreeing to too big a rise in the price cap. Ferrovial, which bought BAA in 2006 in a highly leveraged takeover, has been struggling to refinance about £9bn of the company's debt. The regulator, by agreeing to a more generous settlement than was proposed last autumn, is suspected of being overly influenced by the high level of debt.