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National World - LocalTV
  • 02/12/2024
London's Smithfield meat market is set to close after more than 800 years, with trading expected to cease for good after 2028.
Transcript
00:00London's Smithfield meat market is set to close after more than 800 years, with trading
00:07expected to cease for good after 2028. The City of London Corporation which runs the
00:14site said on Tuesday its council voted to stop operating Smithfield and Billingsgate
00:21fish market. The original plan had been to relocate the market to a £1 billion development
00:28in Dagenham, but a sharp rise in construction costs and wider inflation had forced a rethink.
00:35Those plans were put on hold this month and the corporation confirmed it has formally
00:40ended its interest in the relocation. The group said it will provide financial compensation
00:46to traders who will be able to continue at both markets until at least 2028. In the meantime,
00:55the corporation will table a bill in parliament to absolve it of the responsibility of the
01:00market. Chris Hayward, policy chairman of the City of London Corporation, claimed the
01:06move represents a positive new chapter for the market, empowering traders to build a
01:11sustainable future in premises that align with their long-term business goals.
01:17By stepping back from direct market opportunities, we will help to create opportunities for these
01:22businesses to thrive independently, he said. A market has existed around the Smithfield
01:28site for more than 800 years, with the corporation given the right to run it and other wholesale
01:34food markets in 1327. The current site was built in 1868 and designed by architect Sir
01:42Horace Jones, who was also behind the redevelopment of Billingsgate in the same century.
01:48However, the UK's largest inland fish market was moved to Canary Wharf in 1982.
01:54For more on this and other news from across the capital, head to Londonworld.com.

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