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In a statement, the force said it had launched an investigation after receiving a tip-off alleging that a number of officers had their hair cut by a barber at the Bethnal Green station in east London on 17 January.
Earlier this month, the government announced a third national lockdown for England, meaning that businesses including barbers and hairdressers were forced to close.
The Met Police concluded in its investigation that the 31 officers should be fined £200, while the two responsible for organising the haircuts will be investigated for misconduct.
Detective Chief Superintendent Marcus Barnett said the officers had donated money to charity for the haircuts, but that this did not excuse them flouting lockdown rules.
He said: "It is deeply disappointing and frustrating that my officers have fallen short of the expectation to uphold Covid-19 regulations.
"Although officers donated money to charity as part of the haircut, this does not excuse them from what was a very poor decision. I expect a lot more of them.
"It is right therefore, officers should each face a £200 fine, as well as misconduct action for those two who organised this event."
Det Chief Supt Barnett added: "Quite rightly, the public expect police to be role models in following the regulations which are designed to prevent the spread of this deadly virus.
"I hope this action proves that police are not immune to enforcement of the rules, and we are prepared as an organisation to take action if we see officers have behaved irresponsibly."
According to the Sun, the haircuts took place in a male changing room, away from the eyes of senior managers.
The outlet reports that the officers were handed their Fixed Penalty Notices yesterday as the disciplinary investigation continued at the local divisional HQ for the Met's Central East Basic Command Unit.
The news follows nine officers being fined £200 after they were pictured sitting in a cafe.
The officers were snapped by a member of the public inside The Chef House Kitchen in Greenwich, south east London on 9 January, disobeying rules that ban gatherings and eat-in service at cafes and restaurants.
A Metropolitan Police spokesperson said: "Nine Metropolitan Police officers have been fined for breaching Covid-19 legislation while on duty.
"Photos emerged online earlier this month which appeared to show a group of uniformed officers from the South East Basic Command Unit dining in a local cafe.
"Following an investigation, it was determined that the officers involved should be issued with fixed penalty notices to the value of £200 each."
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