London's Historic Markets Face Closure

Two of London's iconic markets, Billingsgate and Smithfield, will close in the coming years, ending centuries-old traditions. The City of London Corporation has opted out of relocating these markets due to rising costs. Instead, they will provide compensation to traders who will need to find new locations in London.

The City of London Corporation has decided to close two of London's historic markets, Billingsgate and Smithfield, marking the end of an era for these medieval traditions. Rather than relocating, the decision was made due to escalating costs. A bill will be presented to Parliament to conclude the corporation's operational responsibilities over these iconic markets.

The corporation had previously considered moving the markets to a location in Dagenham, east of London. However, rising inflation and construction costs, estimated at around £1 billion, led to the plan's abandonment. Under a new agreement, the corporation will provide financial compensation and advisory support to market traders, allowing them time to transition to new locations in London by 2028.

While this shift marks a new chapter, it will see the end of a rich tradition. Peter Ackroyd noted their historical significance in London's fabric, from the era of William the Conqueror to Victorian times. The sites of these markets may see a revival, with plans for housing and cultural development, but they will no longer hold their historic market status.

(With inputs from agencies.)