Excellent news. This country can do without an increase in the pollution and destruction that airport expansion brings. And perhaps now that the additional runway is out of the question BAA will concentrate on trying to make Heathrow a better airport rather than a bigger one.
As for the 'plane tax' - makes perfect sense. It might encourage airlines to use their aircraft more efficiently if even empty seats cost them money.
I didn't vote Conservative, but this is one of the things that makes me happy to see the chinless toff in No. 10.