Coalition Government Cancel London’s Heathrow Airport Third Runway

From the Conservative and Liberal Democrat Coalition Government Agreement under the Environment Section:

-The cancellation of the third runway at Heathrow.

-The refusal of additional runways at Gatwick and Stansted.

-The replacement of the Air Passenger Duty with a per flight duty.

With the cancellation of the controversial third runway and London’s Heathrow airport and a declaration on no new runways at Gatwick airport or Stansted airport as well, what will this mean for the increasing number flights to and from British air space?