London’s 850-Year-Old Food Markets Closing
Two of London's historic markets, Smithfield Meat Market and Billingsgate Fish Market, are set to close permanently by 2028. These iconic trading hubs, which have operated for centuries, will cease operations following a decision by the City of London Corporation to withdraw its support.
A Rich History
Smithfield Market, near St. Paul's Cathedral, has been a cornerstone of the meat trade in the UK. Meat has been traded on this site since the 1860s, but its history as a livestock market dates back to medieval times. It remains the largest wholesale meat market in the UK and one of the largest in Europe. The market’s current site will be repurposed as a cultural and commercial hub, including the new London Museum.
Billingsgate Fish Market, located in Poplar, East London, has been a key supplier of fish to businesses since its original establishment in 1327 on Lower Thames Street. It moved to its current location in 1982 and annually sells around 25,000 tonnes of fish. The site is now designated for redevelopment to provide thousands of new homes.
A Controversial Decision
The City of London Corporation initially planned to relocate Smithfield, Billingsgate, and New Spitalfields markets to a £1 billion purpose-built site in Dagenham. However, due to rising costs and financial pressures, this plan was abandoned after £308 million had already been spent on acquiring and preparing the site.
The Corporation’s Court of Common Council has decided to offer compensation to traders and help them find new premises. Traders are allowed to continue operating at the markets until at least 2028. To finalize this process, the Corporation will file a Private Bill in Parliament to absolve its legal responsibility for managing the markets.
Traders React
The decision has sparked mixed reactions among traders. Many expressed concerns about the financial and logistical challenges of relocating their businesses. One trader, whose family has worked at Billingsgate for 70 years, said the compensation offered would not cover the cost of establishing operations elsewhere.
Another trader lamented the lack of focus on workers, stating, "No one’s ever mentioned about the workers—they’re only ever interested in the companies." They also pointed to factors such as Brexit and the pandemic as contributing to the market's struggles.
There is widespread concern about the absence of a centralized fish market for London. Traders warn that this could disrupt supply chains for local fishmongers and restaurants.
Looking Ahead
Chris Hayward, policy chairman of the City of London Corporation, described the decision as a "positive new chapter" for the markets. He emphasized the Corporation’s commitment to supporting traders financially and guiding them through the transition.
In response to the Dagenham development setback, Dominic Twomey, leader of Barking and Dagenham Council, expressed disappointment but affirmed the council’s commitment to exploring the potential of the site for future projects.
End of an Era
The closure of Smithfield and Billingsgate marks the end of a centuries-old tradition in London’s trade history. While redevelopment plans aim to bring new opportunities, the impact on traders, workers, and London’s food supply chain remains uncertain.
