Yahoo News Smithfield and Billingsgate markets to be shut down as City of London agrees plan to pay off traders
The City of London Corporation has agreed to stop running Smithfield and Billingsgate markets and pay compensation to traders as it looks to shut down the sites. The Corporation still needs to submit a Private Bill with Parliament to officially withdraw from running them however it has rubber stamped its plans to shut down the famous markets, so the bill is expected to be a formality.
Private Bills must be filed on November 27 this year and are presented to Parliament in January. The City of London has said it is 'actively supporting' traders to find new sites, and that they will continue to operate at Smithfield and Billingsgate until at least 2028. The decision means the City will no longer be involved in wholesale meat or fish markets.
The City had originally looked to relocate both markets plus New Spitalfields in Leyton to a new facility in Dagenham. The announcement in 2022 promised an investment of almost £1 billion by the Corporation into the move, delivering 2,700 new jobs in Barking and Dagenham and around £14.5bn to the UK economy by 2049.
READ MORE: Dalston Yard to open in Hackney after months of delays
The Local Democracy Reporting Service (LDRS) however revealed that this particular plan, known as Option 10b, had been paused due to ballooning costs. The LDRS further reported over the weekend how members were being recommended to approve the Corporation withdrawing from the historic sites ahead of a Court of Common Council meeting earlier today (November 26).
While the majority of the meeting and its accompanying report on the markets co-location programme were not open to the public, the LDRS has been told the recommendation was approved. The City has also since put out its own release confirming the decision.
The Chair of Policy and Resources and de-facto political head of the Corporation, Deputy Chris Hayward, said the approval represents a 'positive new chapter' for the markets and that traders will receive support to move to new locations.
"The City of London Corporation has a strong relationship with Barking and Dagenham Council and a shared interest in the future of the Dagenham Docks site. We will now continue to work with the borough to bring forward uses which deliver regeneration and high-quality jobs for local people."
The LDRS understands there has been some consternation regarding the recommendation to pull out of the markets. One person previously said the relocation had become unviable due to ongoing delays by the City. Another told the LDRS: "Everything the Corporation does you may as well drop the initial budget and times it by five."
Following today's meeting, a separate individual said: "The City calls this a democratic solution to a complex matter. The problem is those Common Councillors and Aldermen have voted on a paper that failed to answer numerous questions from lawful status to accurate costs. Parliament will be more rigorous in discovering the real picture."
The Times reported earlier today that three King's Council barristers sitting as Corporation Members had written to the Town Clerk warning the vote could be 'unlawful'. According to The Times, this was because a study into the importance of the markets to London's food supply has yet to be produced. A spokesperson for the Corporation told the paper its lawyers were 'satisfied' proceeding with the vote was legally sound.
The City has already spent £308 million purchasing and remediating the site in Dagenham. The LDRS understands the sum to be paid to the traders exceeds £300m, which still falls far below the projected spend if the relocation was to proceed.
The money is taken from the City's endowment fund, built up over centuries and known as the City's Cash, rather than taxpayer money.
Smithfield is the largest wholesale meat market in the UK and Billingsgate the country's biggest inland fish market. Both are widely renowned, with a market existing in Smithfield since the medieval period. Livestock was traded at the site until the 1860s, which is when it was redeveloped to become a wholesale meat market.
Smithfield is to be used to house new cultural and commercial offerings including the new London Museum, on which work has begun. Billingsgate, which is in Poplar by Canary Wharf, meanwhile is earmarked to deliver thousands of homes.
The City must now deposit its Private Bill with Parliament to withdraw from the sites and close them as markets. Approval will be required by Parliament before the decision can be finalised.
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."
Get the biggest stories from around London straight to your inbox. Sign up to MyLondon's The 12 HERE for the 12 biggest stories each day.
