The City of London Corporation has said that plans to enable Smithfield and Billingsgate market traders to move to another facility within the M25 will have “minimal impact” on food supply.
An independent report, prepared by global data and AI consultancy Artefact, has been published ahead of a City of London Corporation Policy and Resources Committee meeting on Thursday 13th February. It claims that a combination of declining volumes, practicality, and traders’ stated intentions to move to new locations within the M25 means moving the markets “is unlikely to pose significant food security risks”.
The study was commissioned by the City of London Corporation to provide further information about any impacts of the proposed plans for Smithfield and Billingsgate markets. It is the product of engagement with the Smithfield Market Tenants’ Association (SMTA) and the London Fish Merchants’ Association (LFMA), customers, suppliers and other stakeholders.
It found that the current sites, with limited trading hours, less efficient logistics capability, and outdated infrastructure, no longer meet the demands of a modern wholesale food market serving a global city.
The report suggests that traders have instead highlighted the need for modern purpose-built facilities that ensure compliance with evolving food safety standards and support long-term scalability of their businesses, contributing to London’s growth.
Reliance on physical locations has “diminished”
Furthermore, the report noted that around 80%-85% of transactions at the markets are already conducted off-site, via phone and using digital platforms, meaning customers’ reliance on the physical locations has significantly diminished. Suppliers also underlined the potential benefits of the markets relocating to modern purpose-built premises, which the report said would improve delivery times and access for suppliers, and lower costs by reducing congestion charging.
In November last year, the Court of Common Council - the City of London Corporation’s highest decision-making body - voted to end the planned move of Billingsgate and Smithfield markets to a new location in Dagenham. This decision, which the Corporation claim was made with full support from traders after extensive consultation, reflects the City’s commitment to respecting these markets’ legacy while balancing tradition with progress. The Corporation also state that traders are receiving financial support to enable them to move to new locations of their choosing.
The Corporation say that increasing traffic restrictions, congestion and other practical considerations such as constrained sites, and in the case of Smithfield a Grade II listed site, mean traders are unable to grow and prosper by staying in their present locations.
They also claim that the majority of traders have indicated their willingness to move as one: this is reflected in the joint statements issued by both groups of traders in December 2024.
At Smithfield Market, it is believed that 70% of traders have agreed to move together to a new site within the M25 to create a ‘New Smithfield’, with the remaining 30% intending to transfer their business to others, ensuring that 100% of trade will continue seamlessly. And 90% of Billingsgate traders are planning to relocate to a single site, with the rest still considering their options.
“We will take care to ensure new plans for the area will reflect the history of the markets.”
Chris Hayward, City of London Corporation
A Parliamentary Bill confirming the markets’ move away from their current sites was deposited on 27th November and is currently being considered by the House of Commons. The markets will continue at Smithfield and Billingsgate until at least 2028, allowing time for traders to plan and execute a smooth transition to new market sites. The City of London Corporation is supporting traders as they identify new sites by facilitating discussions with developers and landowners as well as employing a transition team to aid continuity.
Policy chairman of the City of London Corporation, Chris Hayward, said: “This comprehensive, independent study clearly demonstrates that the planned markets move from their existing sites is supported by traders, will allow them to grow at more modern facilities, and will have a minimal effect on food supply.
“The City of London Corporation’s vision for the future of Smithfield and Billingsgate is not just about enabling the traders to relocate their businesses, unlocking a new era for these historic markets; it is also about creating a thriving, sustainable city that respects its past and shapes the future. The current market sites provide exciting opportunities to revitalise these historic areas of London. We will take care to ensure new plans for the area will reflect the history of the markets.
“Our exciting future plans will create thousands of jobs, new homes for Londoners, and contribute billions of pounds in economic growth for the UK,” he concluded.
