A historic meat market in the heart of London is at risk of shutting down for good.
The City of London Corporation, which runs Smithfield meat market, previously planned to relocate it and Billingsgate fish market to a new £1billion development in Dagenham.
While those relocation plans were put on hold earlier this month, the corporation is holding a private vote this afternoon on whether to stop running the markets.
Members are being recommended to agree to withdrawing from the sites – and it’s very rare for the Court of Common Council to vote against recommendations.
If they do vote to withdraw, the corporation is expected to table a bill in parliament so it will no longer be responsible for running the market.
The corporation says it plans to offer meat traders at the market a ‘significant’ compensation deal, with some reports suggesting that deal could be worth more than £300million.
There’s been a market at Smithfield for more than 800 years, with the corporation given the right to run the meat market and other wholesale food markets back in 1327.
The current market site was built in 1868, with Billingsgate designed by the same architect when it was redeveloped in the 19th century.
The UK’s largest inland fish market was moved to its current site in Canary Wharf in 1982. The City of London Corporation runs the site and pays ground rent.
There are proposals to transform the land of the current Billingsgate site for a mixed-use housing scheme.
The City of London Corporation has been contacted for comment.
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