FACT
There is not enough airspace above the South East to build a new airport, we can pontificate about doing all manner of things and factors but at the end of the day there are too many conflicting app/dep routes into the South East that will restrict ultimate capacity.
Close down Heathrow, Gatwick, Stansted, Luton, London City, Northolt, Biggin , Farnborough etc build a new airport , 8 runways with "uniformed procedures" and there "might" be a chance, otherwise forget it......!
...And when you have a single daily MAN-ORD service making more money than the multiple combined daily LHR-ORD services, something is seriously screwed !!!