The scheme, introduced in 2011 after intense lobbying by the E4 business group and key figures in the community including Conservative Councillors Clyde Loakes and Councillor Darshan Sungar, was under threat.
The Labour led authority said it wanted to scrap the 15 minute freebie and replace it with free parking from 1pm to 2pm.
But Chingford business leaders and Conservative councillors insisted axing the 15 minute free parking scheme would be a disaster for local traders.
Jubilant Cllr Matt Davis, leader Waltham Forest Conservatives told The Chingford Times it was excellent news for the people of Waltham Forest.
He said: “It is a victory for all those local people and businesses who fought against the ill thought out plans to scrap the 15 minutes free parking in our borough. It is also a victory for common sense.
“We should be doing all we can to encourage businesses to open, invest and expand in Waltham Forest and boost our local economy by encouraging people to shop in borough.
“We will continue to support our local people and businesses and will fight against any future plans that would harm our borough’s economy.”
Visit the Chingford Times tomorrow for an update from local traders.
http://www.chingfordtimes.co.uk/article.cfm?id=102436&headline=Jubilant campaigners and councillors celebrate U turn - 15 minutes free parking to stay!§ionIs=news&searchyear=2016