The historic Smithfield meat market in London, known for its almost nine centuries of trading, is poised to close. The City of London Corporation announced that its council voted to cease operations at Smithfield and Billingsgate fish markets. They were previously slated for relocation to a £1 billion (~$1.3 billion) site in Dagenham. This plan was halted earlier this month, citing increased construction costs and inflation as key reasons.
The City of London Corporation emphasized it will provide financial support, potentially exceeding £300 million, to aid traders in relocating to new premises. The council will bring a bill to Parliament on Wednesday, seeking official release from managing the markets.
Originally, the relocation was part of a larger regeneration initiative announced in 2022, aimed at transforming the Smithfield site to include cultural and commercial entities like the London Museum. The Billingsgate location was set for conversion into a mixed-use housing area. The project was estimated to create 2,700 jobs in Barking and Dagenham, contributing approximately £14.5 billion (~$18.2 billion) to the British economy by 2049.
Public reaction was mixed, with some Londoners expressing disappointment, viewing the closure as threatening the city’s cultural heritage. Calls for reconsideration of the decision have already surfaced online.