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By Sarah Young and William James LONDON (Reuters) - A plan to build a major new airport to the east of London was rejected by a government-appointed commission on Tuesday, dealing a blow to its high-profile backer, the city's mayor Boris Johnson. The Airports Commission said having dropped the idea of building a costly new airport in the Thames Estuary, nicknamed Boris Island, it would now decide by next year whether to expand Heathrow airport to the west of London or Gatwick to the south. With London's airports near the limit of their capacity, business groups say more runways are needed to handle traffic from fast-growing emerging economies and fear inaction could deter international investors and curb growth. The Airports Commission said the Thames Estuary idea had not made the shortlist as it was too expensive and complicated - at up to 112 billion pounds, it would cost around five times as much as the other three short-listed options.