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In fairness this is convention. And about separation of powers.
The idea is that if you have a public body opining on a police investigation if could influence or pressure the police.
Obvs have no doubt that the Johnson government* gives zero fucks about convention or separation of powers. But it is not new.
*also have no doubt that historically there have been other motives.
I don't get the argument that they don't want it released so as not to prejudice the investigation. It's not like it is going before a Jury, so assume the Met don't want public opinion against them when they decide it doesn't mean the threshold for prosecution.