Ancient markets get fatal chop.
It's a headline we never dreamed we'd write. Smithfield Market, first established 805 years ago, is to close permanently. So to will the fish market of Billingsgate, another medieval survivor.
The City of London Corporation, which runs the markets, had long-term plans to move them from their present homes into new facilities at Dagenham. A few weeks ago, this move was put into question when the Corporation announced a pause. Now, we learn that the two markets will neither stay nor move, but be wound up entirely. The decision was made after inflation and rising construction costs made the Dagenham move unviable.
Just like that, two of the oldest trading organisations in the world will cease to exist.
Thousands of jobs will be affected when the markets close, possibly as early as 2028. The City has put aside £300 million by way of compensation for the traders. The Victorian buildings at Smithfield will be converted to a mixed-use cultural venue, beside the new London Museum. The Billingsgate site out at Canary Wharf is likely to become a housing development.
The Smithfield site is particularly historic. Meat has been traded from the same spot since the 14th century. Billingsgate boasts similar antiquity, but its ancient home near London Bridge was closed in 1982 in favour of a larger site in the Docklands.
Chris Hayward of the City of London Corporation put a jarringly cheery spin on the development, calling it "a positive new chapter for Smithfield and Billingsgate markets."
"The decision 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."
What happens to the trades next is difficult to predict. People will still want their meat and fish, but it will no longer be available wholesale from these central hubs. Many of the traders will no doubt continue, but spread to the four winds in different premises. Perhaps some will group together and continue to trade elsewhere under the collective names of Smithfield Market or Billingsgate Market — but the ages-old connection to the City of London will have been severed forever.
