Smithfield and Billingsgate markets could shut for good with the City of London Corporation planning to pull out of running the famous markets and agree compensation with traders.
The Local Democracy Reporting Service (LDRS) has heard from several people with knowledge of the project that members are being recommended to approve withdrawing from the historic sites at a Court of Common Council meeting on Tuesday (November 26).
In 2022 the City announced both Smithfield and Billingsgate markets, and eventually New Spitalfields in Leyton, would relocate to a new state-of-the-art facility in Dagenham.
The LDRS revealed this particular scheme, known as ‘Option 10b’, was abandoned due to financial concerns. At the time the City said the relocation was being ‘reviewed’ and that other options were being explored.
For Tuesday’s Court of Common Council meeting, an item on the ‘markets co-location programme’ is publicly listed on the City’s online calendar.
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While the paper, and the majority of the meeting, is not open to the public, the LDRS has spoken to a number of people who have confirmed the recommendation is for the City to pull out of both markets. If approved, traders will be paid compensation by the Corporation to vacate the two sites.
A spokesperson for the City of London Corporation said no decision has been made yet on the markets, and that alternative options to the original move to Dagenham are ‘currently progressing through our governance framework’. They added an update will be provided following next week’s meeting.
The LDRS had asked the City to confirm whether the markets are to be closed down if the recommendation is approved, though the spokesperson did not respond to this particular point.
Smithfield is the largest wholesale meat market in the UK and one of the biggest in Europe. The current iteration of the market has been trading at the site since the 1860s. Prior to that it was a livestock market, which dated back to the medieval period.
Billingsgate, which historically had a site in the City, moved to its current Poplar base by Canary Wharf in 1982. It is the UK’s largest inland fish market, with an average of 25,000 tonnes of fish and fish products sold there every year.
Option 10b had detailed plans to use Smithfield to house new cultural and commercial offerings including the new London Museum, on which work has already begun. The land occupied by Billingsgate meanwhile has been earmarked to provide thousands of new homes.
According to a City of London press release issued in 2022, it was estimated the new market would deliver 2,700 new jobs to Barking and Dagenham and generate around £14.5 billion for the UK economy by 2049.
A Finance Committee paper published in early November revealed how the Corporation has spent £308 million purchasing and remediating the site in Dagenham. The City had previously said it would invest nearly £1 billion in the relocation.
The LDRS understands one of the concerns in withdrawing from Smithfield and Billingsgate is the potential impact on the food security of London and the South East of England if the markets are to go.
The topic has recently risen up the news agenda following the farmers’ strike outside Parliament earlier this week over the planned inheritance tax changes.
A spokesperson for the City of London Corporation said: “No decision has been made about the future of the Markets Co-location Programme (MCP). The proposed relocation of Smithfield Meat Market and Billingsgate Fish Market to Dagenham Dock has recently been reviewed to determine the next steps and to ensure the financial sustainability of the project.
“Alternative options have been explored with the Traders and these options, along with any relevant financial considerations, are currently progressing through our governance framework. We will provide an update on the next steps when a decision is made by the Court of Common Council this week. Until a decision is made, the City Corporation has no further comment to make.”
Cllr 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.
“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.”
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