The City of London Corporation on Monday gave the green light for the City’s tallest tower, dubbed the “Trellis”, to be built.

At 304.9 metres, the 1 Undershaft 73-storey skyscraper will be the highest in the Square Mile although five metres shorter than the Shard at London Bridge. It will occupy the site of what is now the Aviva Tower.

It will comprise nearly 1.4 million square feet of office accommodation, as well as shops. An estimated 10,000 workers will work there.

At the top of the building will be a free public viewing gallery with a restaurant. The Museum of London has also had discussions with developer Aroland Holdings over opening a dedicated gallery there.

It was approved by the planning and transportation committee following their vote of 19-2 to approve the project.

Earlier plans by Singaporean property firm Aroland were scaled back in October to just below the height at which buildings are considered a danger to planes on the approach route to City Airport.

Chris Hayward, chairman of the planning and transportation committee, said: “This development shows the high levels of investor confidence in London’s status as a global city following our decision to leave the European Union.”

He added: “I believe this building will play an important part in increasing London’s attraction as the world’s leading financial centre.”

Meanwhile the architect Eric Parry said: "This is a really exciting opportunity for Londoners and the team behind 1 Undershaft are thrilled to get started on the next phase of the project."