The City of London Corporation has decided to close down the iconic Smithfield and Billingsgate markets and provide compensation to traders as part of the shutdown process. Although the Corporation still needs to submit a Private Bill to formally withdraw from running the markets, the decision has been finalized to shut down these famous sites. Private Bills must be filed by November 27 this year and presented to Parliament in January.
The City of London has stated that it is actively assisting traders in finding new locations and that they will be able to continue operating at Smithfield and Billingsgate until at least 2028. This means that the City will no longer be involved in the wholesale meat or fish markets. The original plan was to relocate both markets along with New Spitalfields in Leyton to a new facility in Dagenham, with an investment of nearly £1 billion and the creation of new jobs and economic benefits.
However, the plan to relocate the markets to Dagenham, known as Option 10b, has been paused due to escalating costs. Despite some concerns about withdrawing from the historic sites, the Corporation has approved the decision to shut down the markets. Traders will be supported in transitioning to new locations, and the City will collaborate with Barking and Dagenham Council to bring forth regeneration and job opportunities in the area.
The decision to close down Smithfield and Billingsgate markets has sparked some debate, with concerns raised about the viability of the relocation plans and the legality of the decision. The City has already spent a substantial amount on purchasing and remediating the site in Dagenham, with the compensation for traders exceeding £300 million. This funding comes from the City’s endowment fund rather than taxpayer money.
Smithfield and Billingsgate markets have a long-standing history and are significant wholesale markets in the UK. Smithfield has been a market site since medieval times, while Billingsgate is the largest inland fish market in the country. The City plans to repurpose these sites for cultural and commercial purposes, including a new London Museum at Smithfield and housing developments at Billingsgate.
In order to close down the markets, the City must deposit its Private Bill with Parliament for approval. Cllr Dominic Twomey, Leader of Barking and Dagenham Council, expressed disappointment over the decision but emphasized the importance of continuing to work with the City to unlock the potential of the Dagenham Dock site for economic growth and job creation.
Overall, the closure of Smithfield and Billingsgate markets marks a significant shift in the landscape of London’s iconic marketplaces. Traders, local authorities, and stakeholders will need to collaborate to ensure a smooth transition and explore new opportunities for development and growth in the affected areas.
