Smithfield Market is located in the City of London, near the Barbican, St Paul’s Cathedral and St Bartholomew’s Hospital, and dates back to the 10th century
Smithfield Market, the oldest meat market in London, could be shut down for good after almost 800 years, with a crucial vote on its future set to take place today.
The market is located in the City of London, near the Barbican, St Paul’s Cathedral and St Bartholomew’s Hospital, and dates back to the 10th century. But a vote on whether it should be closed down will take place today, with its owner, the City Corporation, recommending that the market be shut and traders be offered compensation payments.
The City Corporation, which also runs Billingsgate Fish Market, had originally wanted to move both markets to a new site in Dagenham, Essex, as part of a £1billion relocation plan that was announced in 2022. These plans were halted earlier this month due to financial concerns. It was previously estimated the new market would bring 2,700 new jobs to Barking and Dagenham and generate around £14.5billion for the UK economy by 2049.
The new recommendations could see Smithfield turned into a cultural development, while Billingsgate would be turned into housing. The Times reports that compensation payments to traders for closure of the sites could total more than £300million. However, legal experts have warned that the vote could be “unlawful” without a full review into how the closure would impact food supply in London.
A letter written by Gregory Jones KC, Suzanne Ornsby KC and William Upton KC, and seen by the Times, reads: “Understanding the social and economic importance of the existing markets is vital to any decision by the court to abolish them, as is the social and economic implications of doing so. The failure to have this information available would, we are concerned, be unlawful.”
The City Corporation told the newspaper it was “satisfied” the vote was legal. Reports suggest that closing the market would save more than £600million, even with compensation payments taken into account. The City Corporation is said to have already spent £308million on the scrapped market move, including £115million in compensation payment to traders in Smithfield’s poultry market, which was shut last year.
But even if the recommendation is approved, reports suggest City Corporation could have to deposit a Private Bill with Parliament to get the green light. In response to the criticism, Chris Hayward, Chairman of the City of London Corporation’s Policy and Resources Committee, was quoted in the Times as calling the market move “unaffordable” and blamed changing trading and eating habits.
He said: “People are eating less meat and fish. An increasing amount of trade is handled directly online and we understand that a majority of traders will continue with their businesses. The strength of the markets has always been in the traders, not the buildings.”
