London’s historic Smithfield meat market appears set to shut after almost 900 years of trading, following a vote on Tuesday afternoon.
The City of London Corporation said its council voted to stop operating both Smithfield and Billingsgate fish market.
The corporation - which owns and operates Smithfield near St Paul’s Cathedral, and Billingsgate in Poplar, east London - had previously planned to relocate both markets to a new £1 billion development in Dagenham.
But the corporation put the plan on hold earlier this month, before confirming on Tuesday that a private meeting of its Court of Common Council has formally ended its interest in relocating the two markets.
In a statement, the corporation said traders will continue their operations at both markets until at least 2028 - but their future beyond that is unclear.
The City of London Corporation (CoLC) said "financial support" would be provided to market traders at Smithfield and Billingsgate "to help them relocate to new premises".
This figure could total more than £300 million, according to a report by The Times.
The corporation will table a Bill in Parliament on Wednesday to absolve it of responsibility for running the markets.
Members of the corporation’s council blamed the decision to axe its relocation plans on a sharp rise in construction costs and wider inflation, which “made the move unaffordable”.
The relocation of the historic Smithfield and Billingsgate markets and their traders to Dagenham was announced in 2022 by the City as a "major regeneration programme".
The move was touted as way to enable Smithfield to house new cultural and commercial offerings including the London Museum, while there are proposals to transform the current Billingsgate site for a mixed-use housing scheme.
A press release issued by the CoLC following the scheme’s approval estimated the new market would bring 2,700 new jobs to Barking and Dagenham and generate around £14.5 billion for the UK economy by 2049. The Corporation would invest almost £1bn in the move.
It said: "The decision reflects a careful balance between respecting the history of Smithfield and Billingsgate Markets and managing resources for this project responsibly.
"Project costs have risen due to a number of external factors, including inflation and the increasing cost of construction which have made the move unaffordable.
"In light of this, the City of London Corporation and Traders together looked at options earlier this year that can similarly meet their long-term business needs.
"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.”
The corporation’s decision has been slammed by Londoners as “abominable”, while some immediately called for a petition to be launched, demanding a rethink.
“Yet another hammer blow on our independent food supply & trading networks,” wrote on X user on Tuesday evening.
“Smithfield market IS our cultural heritage,” wrote another.
A market is believed to have existed around the Smithfield site for at least 850 years. The corporation was given the right to run it and other wholesale food markets in 1327.
The current market site was built in 1868, designed by architect Sir Horace Jones.
Billingsgate - the UK’s largest inland fish market - was also designed by Sir Horace when it was redeveloped in the 19th century. But it was moved to its current site in Canary Wharf in 1982. The City of London Corporation runs the site and pays ground rent.
Chris Hayward, policy chairman of the City of London Corporation, 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.”
Dominic Twomey, leader of Barking and Dagenham Council, described it as “disappointing news” but said he understands the “financial pressures that key investment projects are facing” following soaring inflation.
“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,” he added.
“And we will continue to build on the benefits that our partnership work has already delivered, including a fantastic programme of food education across our borough. We have many key regeneration projects in the pipeline such as the Eastbrook film studios which are due to open soon and Barking and Dagenham is very much open for business.”
