Following a decision made by The City of London Corporation’s Common Council both Smithfield Meat Market and Billingsgate Fish Market are to face permanent closure from 2028.
The Common Council ratified a decision to end The City of London Corporation’s interest in relocating the wholesale food markets to a new site at Dagenham Dock.
It said that a new agreement with the market traders would provide financial support to help them relocate to new premises.
The City Corporation said it is actively supporting traders to identify suitable new sites to ensure that they can continue their essential role in London’s food supply chain and is in close dialogue with them and other wholesale markets about this already.
Policy chairman of the City of London Corporation, Chris Hayward said: “This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers traders to build a sustainable future in premises that align with their long-term business goals.”
”By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently. We’ve worked closely with the traders and thank them for their input and understanding. We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations.”
Traders will be permitted to continue their operations at Smithfield and Billingsgate until at least 2028, to ensure a gradual transition period with time for planning and collaboration on next steps.
The planned move to a £1 billion purpose built site in Dagenham had earlier been put on hold by the Corporation, with concerns that £308 million had already been spent buying and remediating the site.
Project costs were reported to have risen due to a number of external factors, including inflation and the increasing cost of construction which The Corporation says have made the move unaffordable.
New Spitalfields Market, which has a longer operational life and modern infrastructure, remains unaffected by this decision and will continue to serve as a key hub for wholesale fruit and veg produce in London.
Existing plans to create a new London Museum (formerly Museum of London) at West Smithfield also remain well underway and will not be impacted by this decision.
A Bill will be deposited in Parliament this week that provides for the ending of the City Corporation’s responsibilities to operate a market at these sites.
The Times has reported that three barristers who sit on the City’s court have written to the Corporation’s officials warning them that the move might be “unlawful.”
To date, traders on the market have not spoken out but one, who did not wish to be named, is reported to have said: “It’s all about the money now.”
The City of London Corporation says it will now work closely with Barking & Dagenham Council to unlock the Dagenham Dock site, with the aim of delivering regeneration that can support jobs for local people.
Councillor Dominic Twomey, 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.”
