Our regulators, the Civil Aviation Authority and the Competition Commission, set caps at our airports every five years. The review covers two major aspects of our business:

• Annual increases in revenue from airport charges per passenger restricted to not more than the rate of inflation (Retail Price Index (RPI)) plus or minus x percentage points
• Our conduct in relation to customers, business partners and suppliers is assessed at the same time. The regulator must ensure we are acting in the best public interest.

For the period 1 April 2003 until 31 March 2008 the maximum price we can charge per passenger is:

• Heathrow Airport: £6.48 in 2003/04, then increased by RPI +6.5% each year
• Gatwick Airport: £4.32 in 2003/04, then increased by RPI each year
• Stansted Airport: £4.89 in 2003/04, then increased by RPI each year.

The Civil Aviation Authority has stated that its proposals have been made to provide an environment conducive to long-term investment and we must now deliver our £8.6 billion ten-year investment plan while working closely with customers. The regulatory policy also places clear accountability with BAA for delivery and dealing with the operational and financial risks.

You can find out more information about the CAA's review and its full implications from the following websites.

Competition Commission

CAA