Heathrow handled a record-breaking 69.4 million passengers in 2011 – more than twice as many as London Gatwick.

The total marked a 5.5% upturn on 2010 and beat the previous best of 67.9 million set in 2007.

Heathrow also enjoyed its best punctuality record in a decade in 2011, despite handling a record 476,197 flights – just 0.8% short of its annual limit of 480,000 movements.

While delighted with the rise in traffic, operator, BAA, warned that operating so close to capacity in terms of aircraft movements posed a serious threat to the future growth of the gateway and the UK economy.

BAA chief executive, Colin Matthews, warns: “As the UK’s only international hub airport, Heathrow is central to developing our trade links with fast-growing emerging markets. Capacity constraints are damaging the UK economy today when the country can least afford it.

“A new hub airport has been proposed in the South East, but this has a projected cost of £50 billion and may take decades to build. During this time we would be handing over on a plate the UK's historic trade advantages to our European competitors.”

Citing examples of how the capacity constraint were hurting the UK, BAA claims that it in 2011 it prevented airlines from developing new routes to emerging market destinations such as Manila, Guangzhou and Jakarta.

It argues that 21 emerging market destinations now have daily flights from Continental European hubs but not Heathrow and this lack of connectivity is costing the UK economy £1.2 billionn a year in lost trade.

And it insists that Paris and Frankfurt already have 1,000 more flights each year to the three biggest Chinese cities than London and almost double the number of flights from Heathrow.

• In comparison to Heathrow, Gatwick handled the 33.6 million passengers last year – a healthy 7.3% rise on 2010.