The future of Smithfield and Billingsgate Markets
On 26 November a decision was taken by the Court of Common Council to end the planned move of Billingsgate and Smithfield markets to a new location in Dagenham, and instead to provide financial support to the traders to enable them to move to new locations of their choosing.
This decision, made with full support from Traders after extensive consultation, reflects the City’s commitment to respecting these markets' legacy while balancing tradition with progress.
Increasing traffic restrictions, congestion and other practical considerations such as constrained sites, and in the case of Smithfield a Grade II* listed site, mean Traders are unable to grow and prosper by staying in their present locations.
The City of London Corporation is supporting Traders as they identify new sites by facilitating discussions with developers and landowners as well as employing a transition team to aid continuity. The majority have indicated their willingness to move as one: this is reflected in the joint statements issued by both groups of Traders in December 2024.
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Smithfield Market: 70% of Traders have agreed to move together to a new site within the M25 to create a ‘New Smithfield’, with the remaining 30% intending to transfer their business to others, ensuring that 100% of trade will continue seamlessly.
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Billingsgate Market: 90% of Traders are planning to relocate to a single site, with the rest still considering their options.
Market operations at the existing sites will continue until at least 2028. This ensures Traders have ample time to prepare for a smooth transition.
Shaping the future vision
The current market sites provide exciting opportunities to revitalise these historic areas of London. Importantly, due care and attention will be paid to ensuring new plans reflect the history of the markets, which will not be lost. The Policy Chairman outlined the vision recently on CITY AM - A new chapter for Smithfield meat market is something to celebrate.
At Smithfield, the Grade II* listed buildings will become an exciting new international cultural and commercial destination to complement the London Museum, which is moving next door.
Plans for Billingsgate will deliver up to 4,000 much-needed homes in an inner-London Borough, alongside a new bridge across Aspen Way to help address the social, economic and environmental disparities between Poplar and Canary Wharf.
Key benefits
These changes will enable the traders to flourish and grow their businesses elsewhere, and the former sites, will drive growth; contributing to a thriving City for everyone, aligning with our ambitious City Plan 2040 and Destination City vision to make the Square Mile a dynamic and inclusive destination.
At a glance
Pending the successful passage of the Bill, the sites will undergo transformative redevelopment.
Smithfield Market
- Set to become an international cultural and commercial hub to complement the new London Museum under construction next door.
- Expected to attract 1.4 million visitors annually and create 600 direct jobs.
Billingsgate Market
- Provision of up to 4,000 new homes, including affordable and family-sized housing.
- Creation of 14,500 direct jobs, contributing to London’s ongoing economic growth.
- Major public realm improvements, including a new bridge over Aspen Way to connect Poplar and Canary Wharf, addressing socio-economic disparities.
Together, these projects will generate c.£9.1bn in cumulative GVA for the UK to 2049.
City of London (Markets) Bill
The City of London Corporation submitted a Private Bill to Parliament on Wednesday 27 November 2024 that provides for the ending of the City Corporation’s responsibilities to operate a market at these sites.
Independent study confirms benefits of planned move from Smithfield and Billingsgate
An independent study by global data and AI consultancy Artefact has found that the planned move of Smithfield and Billingsgate markets will have a minimal impact on food supply in London and the South East. It states that declining volumes, practicality, and Traders’ stated intentions to move within the M25 mean the move is unlikely to pose significant food security risks.
The study was commissioned by the City of London Corporation to assess the impacts of the proposed move. Traders will remain at Smithfield and Billingsgate until at least 2028, with financial support to move to new locations of their choosing.
Press announcements
February 2025
December 2024
Joint statements issued by both groups of Traders
November 2024
City of London Corporation ends markets' move to Dagenham as traders decide their next move
Contact the team
For enquiries about the decision to end plans for relocating Smithfield and Billingsgate markets to Dagenham Dock and the City Corporation's role in operating them, email the Wholesale Markets team.
For further information about one of our wholesale markets and contact details visit
For more information about the City Corporation and to find contact details contact the City Corporation.