The historic Smithfield and Billingsgate markets may potentially relocate to a new location at the Royal Docks in East London, according to recent proposals.

The City of London Corporation, which manages these long-established meat and fish markets, is collaborating with the Greater London Authority and Newham Council on these promising plans for their relocation.

This move is necessary as Smithfield Market’s existing location in the City of London will be transformed into a cultural venue, while Billingsgate Market in Poplar, East London, is slated for residential development.

The corporation emphasized that moving the markets is essential for maintaining regional food security and safeguarding numerous jobs in UK ports.

According to the proposal, both markets would function from a new site at Albert Island, located just east of London City Airport, on land designated for broader redevelopment.

The anticipated relocation could result in approximately £750 million in local spending and create over 2,200 jobs.

This initiative follows the previous plan to shift the markets to Dagenham, which was scrapped last year.

The City of London Corporation has since collaborated with market traders to seek out new locations for their operations.

Chris Hayward, the chairman of the governing body, noted that “progress” has been made.

“By adhering to our pledge to assist traders in their relocation and ensuring that our plans for new housing and cultural spaces at the vacated sites come to life, we are establishing the groundwork for future economic development in the Square Mile, London, and the UK,” he stated.

Greg Lawrence, chairman of the Smithfield Markets Traders’ Association, described the developments as a “significant step forward.”

“We’re all eager to proceed with the next stages,” Mr. Lawrence added.

Most traders from both markets have expressed their willingness to relocate together, although the current markets will remain operational until at least 2028, according to the City of London Corporation.

It confirmed that an agreement has been established with the Greater London Authority to advance the proposals.

However, the relocation is contingent upon the passage of an Act of Parliament permitting the closure of the existing markets, as well as securing planning approval from Newham Council.

Smithfield Market is the largest wholesale meat market in the UK and ranks among the largest in Europe, having served its current location since the 1860s. Prior to that, it functioned as a livestock market, dating back to medieval times.

Plans are currently underway to develop the site into a new cultural and commercial hub, which will include the new London Museum.

Billingsgate Market stands as the UK’s largest inland fish market, with an annual average of 25,000 tonnes of fish and seafood sold.

The original market began its operations on Lower Thames Street in the City back in 1327, before relocating to its current location in 1982.

It supplies fish to a variety of businesses, including fishmongers, fish-and-chip shops, delis, and restaurants.