The move follows the Corporation’s decision to cancel plans to relocate the markets to a new development in Dagenham, just east of London. The proposed move was scrapped due to escalating costs, exacerbated by inflation and rising construction prices, which have pushed the price tag to around $1.25 billion.
Instead, a new agreement with market traders will see the Corporation offering financial compensation and advice. Traders will have time to plan their next steps, with market operations continuing until at least 2028.
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“This decision marks a positive new phase for Smithfield and Billingsgate Markets, enabling traders to build a sustainable future in locations that meet their long-term business needs,” said Chris Hayward, Policy Chairman of the City of London Corporation, according to The Associated Press.
“Through this transition, we aim to create opportunities for these businesses to flourish independently.” Traders will now have the opportunity to relocate within London, either individually or in groups, to new premises of their choice.
While the markets may relocate to more modern spaces, they will lose the historical significance that made them integral parts of London’s identity.
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At Smithfield, market traders typically begin their work at 10 pm, catering mainly to the restaurant industry, and finish by around 6 am, as the rest of the city starts its day. Pubs around Smithfield traditionally had special licenses to remain open in the early hours to accommodate traders.
Peter Ackroyd, the author of London: The Biography, noted that Billingsgate Fish Market’s origins trace back to the early 11th century, even before William the Conqueror’s Norman invasion of England. Smithfield, just outside the old Roman walls, became a key site for selling horses, cattle, and sheep by the end of that century.
Ackroyd describes how, for centuries, markets like Smithfield and Billingsgate, along with others selling flowers, produce, and poultry, were deeply embedded in London life, often known for their rowdiness, drunkenness, and violence. Charles Dickens, the renowned British writer, famously described Smithfield as a “centre of filth and mire” in his works Oliver Twist and Great Expectations.
Over time, with the implementation of food safety regulations and regular renovations, the markets have improved significantly from their medieval conditions.
However, another costly renovation looms. Smithfield’s current buildings date back to the Victorian era, with some modifications, after it suffered a major fire in 1958. Billingsgate, on the other hand, has been located in London’s Docklands area since 1982, a district that was then in disrepair but has since transformed into the bustling financial hub of Canary Wharf.
Plans are in place to develop 4,000 much-needed new homes on the Billingsgate site, while Smithfield is set to be redeveloped into a cultural centre, which will house the new London Museum.
