British Land (BLND.L) is to press ahead with plans for an £850 million development at Broadgate in the City of London after battling with English Heritage.

The move was greenlighted after culture secretary Jeremy Hunt decided existing Broadgate buildings should not be listed.

The development for investment bank UBS will be built at 5 Broadgate and is set to create 5,000 construction jobs over the next five years.

Chris Grigg, chief executive of British Land, said, 'With the decision made today by Jeremy Hunt, the Government has also sent out a message loud and clear to the world that the UK is "open for business".'

The City of London Planning Committee had granted planning permission for the 700,000 sq ft building in April.

The building will include four trading floors accommodating around 750 traders per floor.

The development had faced opposition from several parties including English Heritage, which had recommended a grade II* listing for the existing Broadgate complex.

English Heritage had argued the complex was 'one of the most important and successful developments of its period and type' and was a 'triumph of urbanism'.

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