On the margin, compared to the alternative, this will: 1. Make flights to and from, and connecting flights through, Heathrow more expensive. 2. Move more flights to other neighboring airports. 3. Reduce the volume of people flying to/from/through the Heathrow and the UK in general. I am not sure how much of each effect is needed to absorb the change.
All the way through the process I've struggled to understand who will benefit from Heathrow being a hub other than the airport itself. Especially now smaller airports have regular flights across the Atlantic and to other parts of the world.
Why would an airport be any different? >50% of the employees are going to be ground crew, security agents, etc.