Culture Secretary Jeremy Hunt cleared the way for an 850 million banking headquarters in the City today after blocking a bid from English Heritage to protect the Eighties-built Broadgate estate.

The architectural watchdog’s attempts to gain Grade-II listing for an enduring symbol of the Thatcherite boom had threatened to scupper developer British Land’s plans to build a new 700,000 sq ft base for investment banking giant UBS. Many business leaders also warned blocking the scheme would also send a damaging signal that the capital was “not open for business”.

Construction of the new building at No5 Broadgate, which includes four football pitch-sized trading floors, will secure 5,000 construction jobs.

Mr Hunt said Broadgate fell short of the “outstanding quality” needed to list buildings under 30 years old.

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