Mr Walsh also blamed politicians for being "afraid" of tackling the issue of airport capacity.
He said: "I think it is fear on the part of politicians. They are afraid to tackle tough issues.
"It (expansion) has been kicked into the long grass and I think it will be sitting there for a considerable time."
He envisaged that there would still be only two runways operating at Heathrow even as late as 2050:
"New runway capacity is required, but I don't believe that capacity will be provided....This issue is too difficult for politicians and governments to deal with. We are positioning our business on the basis that there will be no expansion," he added.
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A cloudy start to the short Christmas week. It's gong to be a mild one though with temperatures already above the double figure mark.
As we move into a shorter working week for most people, we are looking at a generally cloudy one.
Lots of cloud around today feeling relatively mild although it probably felt a bit cooler because of the breeze.