Controversial plans for a third runway at Heathrow Airport have been welcomed by a Bucks business organisation despite concerns from campaigners.

MPs will vote on the expansion plans in the weeks to come, but Cabinet gave its approval to the contentious scheme on Tuesday last week.

A total of £2.6 billion has been earmarked for compensation for residents and noise abatement measures for those who will be affected.

The decision has been welcomed by the chairman of Buckinghamshire Thames Valley Local Enterprise Partnership (BTVLEP), who said he was “delighted” at the announcement.

Andrew M. Smith said business opportunities arising from the expansion are “substantial” and include access to new markets, supporting reduced flight costs and providing employment and skills opportunities for local communities.

However, a leading campaign group against the expansion said communities close to the airport and in South Bucks now face a “tsunami of noise”.

Residents group HACAN said “many people’s lives would be changed forever” as a result of the noise from the 700 extra planes a day that would use the airport if a third runway is built.

HACAN chair John Stewart said: “This is a bad day for residents. Many people who will be under new flights paths will find their lives changed forever.

“We will continue to oppose a new runway but, obviously, if it becomes inevitable, we will fight for the best conditions possible for residents.”

On the other hand, Mr Smith said the expansion will help “continue to support the global status of Buckinghamshire as an excellent location for business and for national and international investment”.

He added: “Of course, any growth of this scale needs to be carefully planned, which is why we are working closely with Heathrow and many other local partners to ensure that the environmental, business and community impacts, particularly in the Ivers area adjacent to the expanded airport, will be closely managed during the development process and that local businesses can compete for and win new construction contracts.”

Transport secretary, Chris Grayling, said local communities would receive a £2.6 billion package towards the costs of compensation, noise insulation and improvements to public amenities that was among the "most generous in the world".

He expected to see for the first time a six-and-a-half hour ban on scheduled night flights, and said the scheme would only go ahead if ministers were satisfied it would not impact on the UK's clean air obligations.