Relocation of City of London’s historic markets to Dagenham paused

The City of London has suspended its current initiative to relocate Smithfield and Billingsgate markets to a newly constructed facility in Dagenham. The City of London Corporation, the entity responsible for the ownership and management of both markets, has clarified that the overall relocation has not been abandoned, but rather the initial strategy for the move has been paused. According to a City spokesperson, the project is undergoing a review “in order to determine its next steps and to ensure the financial sustainability of the project”. The governing body initially announced the transfer of these two historic markets and their associated traders to Dagenham in 2022, characterizing it as a “major regeneration programme”. This relocation was intended to allow Smithfield to accommodate new cultural and commercial ventures, such as the London Museum, while the site currently occupied by Billingsgate in Poplar was projected for the development of new residential properties. Previously, the City of London Corporation projected that the new market would create 2,700 new employment opportunities in Barking and Dagenham and contribute approximately £14.5bn to the UK economy by 2049. The Corporation had intended to allocate nearly £1bn for the relocation. A document prepared for a finance committee meeting held on 12 November confirmed the “cessation” of the plan, indicating that alternative approaches would be investigated. The Local Democracy Reporting Service has learned that this development will not affect the new London Museum. The City of London Corporation reiterated that the scheme is under review to guarantee its financial viability. It stated, “The options arising out of that review, including any relevant financial considerations are currently progressing through our governance framework,”. It further added, “We will provide an update on the next steps when a decision is made.” The City of London’s proposals encountered early difficulties when Havering Council raised objections to the relocation, citing a centuries-old statute that prohibits the establishment of new markets within a day’s sheep drive of its existing Romford Market.