Strikes by London Underground workers which would have wiped out Tube services this week have been suspended, the RMT union has announced.
The planned strikes were expected to cost the hospitality sector as much is £50 million.
RMT say the industrial action by its workers on the Tube network – scheduled to take place from Monday to Thursday in protest at a 5% pay offer will no longer go ahead, after positive talks with Transport for London (TfL).
However, TfL has warned travellers there will still be some disruption on Monday because the walkouts were called off so late.
RMT general secretary Mick Lynch said: “Following further positive discussions today, the negotiations on a pay deal for our London Underground members can now take place on an improved basis and mandate with significant further funding for a settlement being made available.
“This significantly improved funding position means the scheduled strike action will be suspended with immediate effect and we look forward to getting into urgent negotiations with TfL in order to develop a suitable agreement and resolution to the dispute.”
A TfL spokesperson said: “Today, we were made aware that the Mayor was able to provide additional funds to enable discussions with the unions to continue.
“This intervention from the Mayor has been discussed with the unions, and the RMT union has now suspended the planned strike action.
“However, as the action has been suspended at this late stage, Londoners will still face disruption tomorrow and we advise all customers to check the TfL website or the TfL Go app for the latest travel information.
“We will now meet with representatives of all the unions to agree on the best way for this funding to be used to resolve the current dispute. We will also seek to meet as soon as possible with the unions representing TfL staff.”
London Mayor Sadiq Khan said he was “delighted” the industrial action had been called off.