The Garden Bridge Trust, the charity established to build and run the proposed Garden Bridge, has informed the Mayor of London as well as Transport for London (TfL) and the Department for Transport, who have both allocated public funds to the project, of its decision to wind up the project.

The decision follows London Mayor Sadiq Khan stating that he was not prepared to sign the guarantee for the annual maintenance cost of the bridge.

Sadiq Khan said: 'It’s my duty to ensure taxpayers’ money is spent responsibly. Following the very serious issues highlighted in Dame Margaret Hodge’s independent review of the bridge - including a funding gap of over £70m, potentially unlimited costs to London taxpayers to fund the bridge in the future, systemic failings in the procurement process and decisions not being driven by value for money - I could not permit a single penny more of London taxpayers’ money being spent on it.

'I have been clear since before I became Mayor that no more London taxpayers’ money should be spent on this project and when I took office I gave the Garden Bridge Trust time to try and address the multiple serious issues with it.

'Londoners will, like me, be very angry that London taxpayers have now lost tens of millions of pounds –  committed by the previous Mayor on a project that has amounted to nothing.'

The project has previously faced backlash from the National audit Office (NAO) which questioned the taxpayer risk following an investigation into the Department for Transport’s £30m grant. The Treasury was also unable to provide analysis on how the project will be funded.

The Trust has examined all the options that were available and held talks with a potential benefactor who was willing to provide the guarantee. It also held further discussions with the government. However, it was concluded that due to the bridge being a public project, it could not continue without the full support of the Mayor.

Lord Davies, chairman of the Garden Bridge Trust, said: ‘It is with great regret that Trustees have concluded that without Mayoral support the project cannot be delivered. We are incredibly sad that we have not been able to make the dream of the Garden Bridge a reality and that the Mayor does not feel able to continue with the support he initially gave us. We had made great progress obtaining planning permission, satisfying most of our planning conditions and we had raised £70m of private money towards the project.

‘The Garden Bridge would have been a unique place; a beautiful new green space in the heart of London, free to use and open to all, showcasing the best of British talent and innovation. It is all the more disappointing because the Trust was set up at the request of TfL, the organisation headed up by the Mayor, to deliver the project. It is a sad day for London because it is sending out a message to the world that we can no longer deliver such exciting projects.

‘I would like to thank our donors and supporters, who gave us unstinting help and support along the way.’

The project will now be formally closed, meaning contracts will be terminated and donor funding agreements will be concluded.

The Trust will be wound up in accordance with the Companies Act.