UK approves crucial third runway at London's Heathrow

The government of the United Kingdom on Tuesday issued a long-awaited decision on the expansion of London's Heathrow airport.

The airport now has the green light to move forward on a third runway.

The airport operates at 99 percent capacity with around 75 million passengers a year. The new runway is expected to nearly double capacity to 138 million passengers by 2050.

Read more from CNNMoney.