Smithfield Market Move Paused

The City of London Corporation has halted its current plan to move Smithfield and Billingsgate markets to a new purpose-built site in Dagenham.

While the move has not been cancelled altogether, the initial plan has been stopped to review the scheme and ensure its financial sustainability[1].

The relocation of these historic markets was announced in 2022 as part of a “major regeneration programme” by the governing body. The move aimed to 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[1].

The City of London Corporation had previously estimated that the new market would bring 2,700 new jobs to Barking and Dagenham and generate around £14.5bn for the UK economy by 2049, with an investment of almost £1bn[1].

However, due to rising project costs, including inflation and the increasing cost of construction, the move has become unaffordable[1].

The City of London Corporation is now working closely with traders to identify suitable new sites and ensure their continued success. 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 the next steps[1]