City of London: Plan to move historic markets to Dagenham halted

The move would enable Smithfield to house new cultural and commercial offerings including the London Museum, while the land occupied by Billingsgate in Poplar was expected to be used for new homes.

The City of London Corporation previously estimated the new market would bring 2,700 new jobs to Barking and Dagenham and generate around £14.5bn for the UK economy by 2049. It had planned to invest almost £1bn in the move.

A paper prepared for a finance committee meeting on 12 November confirmed the “cessation” of the plan, adding that other options would be explored.

The Local Democracy Reporting Service understands this will not impact the new London Museum.

The City of London Corporation said the scheme was being reviewed to ensure it was financially sustainable.

“The options arising out of that review, including any relevant financial considerations are currently progressing through our governance framework,” it said.

“We will provide an update on the next steps when a decision is made.”

The City of London’s plans faced trouble early on when Havering Council objected to the move based on a centuries-old law preventing markets being set up within a day’s sheep drive of its own Romford Market.