A new report commissioned by the company which operates Heathrow suggests that the airport is falling behind other European hubs when it comes to connecting directly with cities across the emerging markets. According to chief executive of BAA, Colin Matthews, the annual cost to the UK for its lack of direct connections already stands at £1.2 billion.

He said that as the world economy continued to shift, Britain should be working towards forging better links. As he sees it, if the country continues as it is, the UK could become an island cut off from the most important markets on the planet.

The analysis was undertaken by Frontier Economics. The results suggest that over a decade lost business could cost as much as £14 billion. The study claims that 21 destinations in the emerging markets, including Jakarta, Guangzhou and Manila, are already being served from other airports around Europe on a daily basis which are not directly served by London’s main airport.

The report also says that Frankfurt and Charles de Gaulle are flying 1,000 more services to China’s three biggest cities every year than Heathrow was managing. The findings have been disputed by Heathrow expansion opposition Hacan Clearskies. Chairman John Stewart said Heathrow currently has more services flying to the world’s most important business destinations than Frankfurt and Paris Charles de Gaulle combined.

Increasing capacity by adding a third runway at Heathrow has been ruled out by the government. Mayor of London Boris Johnson’s idea for a Thames Estuary hub has also been dismissed.