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Should it be a new airport or another runway for London?
One thing's for sure the politicians will do whatever they think is the most popular to keep them in power but from a fearful flyers point of view the worry will be about all those extra planes in the air all needing space to get to the new facility.
Air Traffic Control has changed so much in the last few years that we'd be going backwards if we couldn't handle more aircraft. Aircraft navigational systems can predict and transmit arrival times at airports thousands of miles away so accurately that the arrival of aircraft into a place like London can easily be regulated.
Once upon a time, when radar wan't as good as it is now and some planes being able to land in fog and some not, ATC had to sort out how to keep planes landing while keeping the ones that couldn't...out of the way. So some planes had to go into holding patterns , some could land immediately and as a result the landing flow (number of planes able to land in a given time) was very limited.
It's all different now, and safer... so if you were thinking of having a worry about too much traffic...there's no need.