The oldest fish market in London, England, and the largest inland market in the United Kingdom, is set to close after plans to relocate it were abandoned.
Authorities recently ditched plans to move the Billingsgate fish market and co-locate it with the Smithfield meat market at Dagenham Dock under a GBP 1 billion (USD 1.3 billion, EUR 1.2 billion) development project via plans originally announced in 2022.
The City of London Corporation’s Court of Common Council has attributed the decision to abandon relocation to high inflation and increasing construction costs that have made the switch unaffordable.
The fish market’s origins date back to the 1700s, making it the oldest fish market in the city. It is also the largest inland fish market in the U.K., selling approximately 25,000 metric tons (MT) of fish and seafood products every year, mainly to restaurants, fishmongers, and fish and chip shops. The fully self-contained market moved to its current site in Poplar in east London in 1982, where it covers 13 acres.
Instead of relocation, under a new agreement with Billingsgate’s market traders, financial support will be given by the corporation to help sellers at the market relocate to new premises.
In a statement, the City Corporation said it is actively supporting traders to identify suitable new sites to ensure they can continue their role in London’s food supply chain. Traders will be allowed to continue their operations at Billingsgate and the nearly 900-year-old Smithfield market until at least 2028 before both sites are shut down.
City of London Corporation Policy Chairman Chris Hayward said the decision represents “a positive new chapter” for Billingsgate and Smithfield in that it 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. We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations,” he said.
Some of the market’s sellers feel differently about the plan.
“I’ve been told to do my best with what I can do. It’s not great at all,” a trader who asked to go unnamed said, according to the BBC. “London will be without a fish supplier, so there does need to be another fish market. When and how that’s going to happen I don’t know.”
Responding to the shelved plans, Barking and Dagenham Council Leader Dominic Twomey said the news was disappointing but understandable, given the financial pressures that key investment projects have faced in recent years due to soaring inflation.
Twomey explained that the council will work with the City of London Corporation “to unlock the huge potential” of the Dagenham Dock site.
Both Smithfield and Billingsgate markets are governed by primary legislation, which effectively fixes the markets to the existing sites and imposes certain rights, restrictions, and obligations as to use of the land.
