The decision was taken after indications that the new government's policy towards airports will be different to that of the old government.
David Johnston, Stansted's managing director, said he and his colleagues "have reflected carefully" on the government's policy towards airports and "have moved quickly" to withdraw the application for the second runway.
"Stansted Airport is a key driver of economic growth in this part of England, and we will continue to work hard to bring new business here and to work with our neighbours and the wider community to provide jobs and strong business and travel opportunities in the months and years ahead," he commented.
Mr Johnston went on to say that he still believed additional airport capacity is needed in the south-east in order to boost the country's links with international trade.
Stansted is the UK's third busiest airport and accommodates flights to 160 destinations in 30 countries around the world.
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