Historic Smithfield and Billingsgate markets set to close after City pulls support for £1bn relocation plan
Market trader bemoans constant price rises as inflation surges again
GB News
London’s historic Smithfield and Billingsgate markets are set to close after 800 years of trade after a £1billion relocation plan was dropped by the City of London.
The City of London Corporation, which owns and operates the centuries-old markets, rejected plans to move it to Dagenham, East London.
A steep rise in construction costs and inflation resulted in the council rethinking the move, with a review into the “financial sustainability” of the project putting the relocation on hold earlier this month.
The court of common council, the main decision-making body for the Square Mile, has since voted to pull out of running the sites.
Smithfield and Billingsgate markets are set to close after 800 years of trade
Getty
Instead, traders will be offered financial compensation which could total over £300million, The Times has reported.
They will also be allowed to continue trading at the market until “at least” 2028.
Meanwhile, the corporation will table a bill in Parliament today to absolve it of any responsibility of Smithfield and Billingsgate.
Chris Hayward, policy chairman at the cooperation, said the decision “represents a positive new chapter" for the markets.
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Butchers auction meat at Smithfield
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“By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently,” he said.
“We're committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations.”
The meat market was first opened near the Smithfield site in the 10th century, and the City of London Corporation was given the right to run it in 1327 by Edward III.
Smithfield as we know it today was built in 1868, designed by architect Sir Horace Jones.
The authority wants to turn the Smithfield site into a mixed-use cultural hub, alongside the London Museum.
Meat has been traded at its current site since the 1860s
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Billingsgate is the UK’s largest inland fish market
PA
Billingsgate, the UK’s largest inland fish market, first began trading in 1327 in Lower Thames Street, before it moved to its current home in Canary Wharf in 1982.
This site in Poplar has now been earmarked to provide thousands of new homes, under a mixed-use housing scheme.
Three King’s Counsel barristers have written to the corporation’s “town clerk” to warn that the vote could be “unlawful”, as a study into the importance of the markets on the food industry has not yet been completed.
Dominic Twomey, the leader of Barking and Dagenham council, said: “While this is disappointing news, we understand the financial pressures that key investment projects are facing with soaring inflation in recent years.
"We are committed to continue working with the City of London Corporation to unlock the huge potential of the Dagenham dock site to bring new employment uses and high quality jobs for local people.”
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