The City of London Corporation’s Court of Common Council has today (26 November) ratified a decision to end its interest in co-locating the wholesale food markets of Smithfield and Billingsgate to a new site at Dagenham Dock.
Under a new agreement with market traders, financial support will be provided to help them relocate to new premises, ensuring their continued success.
The City Corporation is actively supporting Traders to identify suitable new sites to ensure that they can continue their essential role in London’s food supply chain and is in close dialogue with them and other wholesale markets about this already.
Traders will continue their operations at Smithfield and Billingsgate until at least 2028, ensuring a gradual transition period with ample time for planning and collaboration on next steps.
The decision reflects a careful balance between respecting the history of Smithfield and Billingsgate Markets and managing resources for this project responsibly. Project costs have risen due to a number of external factors, including inflation and the increasing cost of construction which have made the move unaffordable. In light of this, the City of London Corporation and Traders together looked at options earlier this year that can similarly meet their long-term business needs.
New Spitalfields Market, which has a longer operational life and modern infrastructure, remains unaffected by this decision and will continue to serve as a key hub for wholesale fruit and veg produce in London.
Existing plans to create a new London Museum (formerly Museum of London) at West Smithfield also remain well underway and will not be impacted by this decision.
A Bill will be deposited in Parliament (on 27th November) that provides for the ending of the City Corporation’s responsibilities to operate a market at these sites.
The City of London Corporation will now work closely with Barking & Dagenham Council to unlock the Dagenham Dock site, with the aim of delivering regeneration that can support high-quality jobs for local people.
Policy Chairman of the City of London Corporation, Chris Hayward said:
“This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers Traders to build a sustainable future in premises that align with their long-term business goals. By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently. We’ve worked closely with the Traders and thank them for their input and understanding. We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations.
“Meanwhile our broader vision for the Square Mile remains unchanged. Alongside this transition, we are implementing some of the most transformative projects in a generation, such as the Salisbury Square Development, which will house the new City of London Police HQ and multi-courts complex, and the new London Museum at West Smithfield. With our Destination City ambitions, these projects are creating a vibrant, world-class City for workers, residents, and visitors alike.
“The City of London Corporation has a strong relationship with Barking & 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.”
Councillor 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.”