The option nearest in meaning to the underlined word "cancelled" in the given sentence is B. called off.

Explanation:
The word "cancelled" means that an event or activity has been officially terminated or called off. In this context, it refers to the meeting being canceled.

Option A. brought up: This option does not convey the intended meaning of canceling an event or activity. It suggests introducing or mentioning something, which is not relevant to the context.

Option B. called off: This option accurately captures the meaning of "cancelled." It implies that the meeting has been officially terminated or canceled.

Option C. broke off: This option does not convey the intended meaning of canceling an event or activity. It suggests abruptly ending or discontinuing something, which is not directly related to the context.

Option D. dropped out: This option does not convey the intended meaning of canceling an event or activity. It suggests withdrawing or quitting from participation, which is not relevant to the context.

Option E. phased out: This option does not convey the intended meaning of canceling an event or activity. It suggests gradually reducing or eliminating something over time, which is not directly related to the context.

Therefore, the option nearest in meaning to "cancelled" is B. called off, as it accurately reflects the idea of the meeting being officially terminated or canceled.