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Presumably they'd have shared any other such evidence with the CPS at least - the entirety of their case you'd imagine. Yet the CPS still declined to proceed.
Throughout the review of SJL's case, the review team kept on promising that they would have a suspect in custody at the end of the review. There are a few reports on the BBC where they kept on making that promise.
Of course, after so much time had elapsed, and given that the original investigation was run on paper cards and not computerized so sorting through all that information would have been a nightmare if not impossible, and given other less critical factors like SJL's mother being so influential -- finding evidence that could lead to prosecution was going to be very difficult. And there was no body, so the defence could even argue there was no murder here at all.
We've no idea what they have on Cannan but we do know that the CPS thought it was not enough to secure a guilty verdict and so not worth the money to prosecute. The crucial factor seems to be zero evidence that Cannan ever actually crossed paths with SJL at all. The Met could not find this crossing point.
But perhaps the Met wanted to make good on their promise to have a suspect in custody so leaned heavily onto the Cannan angle because there was no other angle, given the original investigation messed up so badly for many reasons that were not all because the police were bad. Even if he was never prosecuted, they could still say job done, we're not looking for anyone else (true, because the investigation went nowhere so why look). Cannan is a bad un and he looks like the Kipper photofit, he was in London at the time and had a fake numberplate on SB's car that was sort of like SJL's initials. Maybe it was him!
If a body turns up and there is some DNA or other crucial evidence of course this can all be reopened but the chances of that after all this time are very slim.