IAIN Duncan Smith has welcomed the decision to withdraw plans for a 50m bus lane in Chingford Mount road.
The Chingford and Woodford Green MP last week met traders who were concerned the proposed bus lane would have an adverse effect on trade.
He said: "This is fantastic news. I was more than happy to lend a hand.
"I am glad that all round people have seen sense.
"It is crazy when so many of our local traders are struggling to survive to burden them with yet another hurdle to overcome.
"I hope that this shows that all the authorities involved are waking up to the difficult conditions that are faced by so many smaller businesses on a daily basis."
Traders submitted a 150-name petition to Waltham Forest Council against the planned bus lane between Albert Avenue and Hall Lane.
They feared the bus lane would add to congestion and reduce passing trade.
Mr Duncan Smith met shop owners last week as they heard the planning application for the bus lane was about to be withdrawn.
He also gave them advice on approaching the council about other concerns they have, including a lack of parking spaces.