@Statto is spot on. We would all love to see the airport flatten the runway and address the long displaced threshold but when faced with the reality of siting, installing, and legally calibrating a brand-new ILS system at a cost easily pushing upwards of between £5 million and £10 million. That alone is enough to sober anyone up.
Imagine the disruption? You would have to shut down LBA’s precision instrument landing capability for weeks, if not months, during the installation. In Yorkshire weather (today is not great), operating without a full ILS means catastrophic flight diversions and potentially millions of pounds in compensation pay-outs the airport would need to make to airlines.
Before all that the airport would need to flatten the Slopes, an earth-moving nightmare.
To get rid of the Runway 14 downslope or the Runway 32 hump to accommodate longer, tail-strike-prone aircraft, you are talking about a massive civil engineering project to reprofile the entire topography of the ridge, again significant disruption with months potentially stretching into years of the airport closure.
You would need to bring in hundreds of thousands of tonnes of infill, completely strip the existing asphalt, re-grade the bedrock, and relay the entire runway surface. This is easily a £50 million to £100 million+ mega-project and that would be a conservative estimate.
Don't forget that the 1985 runway extension sits directly on top of the A658 airport tunnel. Adding immense weight or altering the structural loads to flatten out the runway approach could require multi-million-pound reinforcement of the highway tunnel infrastructure below.
So yes it would be fantastic to get it done once and for all but would the cost vs benefit make it worth it? You only have to look at Birmingham airports £65 million 300m runway extension "to get more long haul", to see that even when the money is made available, it doesn't always pay off.