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18/01/2025
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The City of London’s current plan to move Smithfield and Billingsgate markets to a new purpose-built site in Dagenham has been halted.
The City of London Corporation, which owns and manages both markets, has not cancelled the move altogether but has stopped its initial plan for the move.
A spokesperson for the City said the scheme was being reviewed “in order to determine its next steps and to ensure the financial sustainability of the project”.
The relocation of the two historic markets and their traders to Dagenham was announced in 2022 as a “major regeneration programme” by the governing body.
The move would enable Smithfield to house new cultural and commercial offerings including the London Museum, while the land occupied by Billingsgate in Poplar was expected to be used for new homes.
The City of London Corporation previously estimated the new market would bring 2,700 new jobs to Barking and Dagenham and generate around £14.5bn for the UK economy by 2049. It had planned to invest almost £1bn in the move.
A paper prepared for a finance committee meeting on 12 November confirmed the “cessation” of the plan, adding that other options would be explored.
The Local Democracy Reporting Service understands this will not impact the new London Museum.
The City of London Corporation said the scheme was being reviewed to ensure it was financially sustainable.
“The options arising out of that review, including any relevant financial considerations are currently progressing through our governance framework,” it said.
“We will provide an update on the next steps when a decision is made.”
The City of London’s plans faced trouble early on when Havering Council objected to the move based on a centuries-old law preventing markets being set up within a day’s sheep drive of its own Romford Market.
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