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Former MP Harvey Proctor has said he is "relieved" after he was told Operation Midland is closing and he will face no further action over allegations which he consistently denied.
Mr Proctor's lawyer Nabeel Gatrad told ITV News the investigation has had "far reaching consequences", including leading him to lose his job and having to move abroad.
The senior officer in charge of Operation Midland insisted the investigation was "handled well" and refused to apologise to ex-MP Harvey Proctor who was told he would face no further action.
Speaking at Scotland Yard, Deputy Assistant Commissioner Steve Rodhouse stopped short of saying he was confident there was never a VIP paedophile ring, but stated that the evidence had not reached the right threshold for charges.
It is "vital that child sexual abuse allegations are fully investigated by police with an open-minded approach", the NSPCC has said as Operation Midland comes to a close.
Alleged child abuse victims do not want "any innocent person to be pilloried, let alone convicted", a campaigner has said.
Founder of The National Association for People Abused in Childhood Peter Saunders said police made an "error in referring to somebody's testimony as 'credible and true'" during Operation Midland.
He called for a line to be drawn under Operation Midland so that police can continue to go after child abusers.
The brother of a 15-year-old who went missing in the late 1970s has said he is "bitterly disappointed" Operation Midland has been closed.
Kevil Allen told ITV News in December 2014 he was "convinced" the teenager was among the victims abused by members of an alleged historic Westminster paedophile ring.
Scotland Yard has said that Operation Midland, the police investigation into historical claims of a Westminster VIP paedophile ring, has closed.
In October 2014, the Metropolitan Police Service (MPS) received allegations involving murder and sexual assault.
The allegations related to matters over a ten year period between 1975 and 1984 at a number of locations.
After the credibility of the allegations were assessed, an investigation was launched.
Deputy Assistant Commissioner Steve Rodhouse, the senior officer in charge of Operation Midland said that it was right that allegations had been assessed carefully and that they were not "dismissed prematurely".
Former Conservative MP Harvey Proctor said he has been told he will face no further action in relation to a police investigation looking into historical allegations of sex abuse.
Mr Proctor was investigated as part of Operation Midland - Scotland Yard's long running investigation into historical VIP abuse allegations.
The 69-year-old was interviewed twice under caution as part of Operation Midland.
He has consistently denied any wrongdoing, claiming he was the victim of a homosexual witch-hunt.
He was the last living person under investigation in the multi-million pound operation.
The most recent cost of the investigation – from November 2015 - stood at £1.7 million, but the final cost is yet to be published.
Latest ITV News reports
A fiercely-criticised police investigation into historical claims of a VIP paedophile ring has been closed by Scotland Yard.