As we step into the new year, we have the opportunity to reflect on the pivotal decisions made in 2024. Among the most transformative is that about the future of the historic Smithfield and Billingsgate markets and which will ensure the legacy of these iconic markets will continue to thrive in new, purpose-built facilities.
This decision is the result of extensive collaboration with Traders, whose voices have been integral throughout the process. Their backing is evident in the recent joint statements issued by the traders at Smithfield and Billingsgate, who have worked with us to ensure the move will secure the long-term future of their businesses. At Smithfield, 70% of traders have stated that they intend to come together to collectively move to a new facility within the M25, ‘New Smithfield’. The remaining 30% intend to transfer their business to others, ensuring that 100% of trade will continue seamlessly. This move brings exciting benefits, going beyond logistics to create a greener, more sustainable, and forward-looking City. The current markets generate around 5,000 vehicle movements —placing strain on the City’s streets and impacting air quality. The new location will embrace modern technology such as electric vehicles, improving air quality not just in the Square Mile but in surrounding residential areas like Tower Hamlets.
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The move also provides Traders with the space and infrastructure they need to grow and innovate. While the Grade II* listed Smithfield building is a cherished part of our heritage, its historical status makes modernising the market on-site impractical. New facilities will offer the opportunity for businesses to expand and flourish, ensuring their continued success for generations to come.
The vision doesn’t end there. The current market sites provide exciting opportunities to revitalise historic areas of London and generate c.£9.1bn in cumulative GVA for the UK to 2049. 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. Billingsgate will deliver up to 4,000 much-needed homes and a revitalised public realm. These changes will attract footfall, drive economic activity, and contribute to a thriving City for all, aligning with our ambitious City Plan 2040 and Destination City vision to make the Square Mile a dynamic and inclusive destination.
This new era for the market traders is also part of our commitment to keeping the City dynamic and competitive while supporting industries that underpin the UK economy. London’s position as the global hub for financial and professional services makes these changes even more critical. The sector accounts for 12% of UK GDP and supports over 2.4 million jobs nationwide. Maintaining this leadership requires us to think beyond tradition and embrace innovation and progress.
Allow me to clarify some misconceptions: Smithfield Market is not being demolished. Instead, the building’s purpose is being reimagined, ensuring that its legacy continues. The businesses will thrive in a new chapter at a different location, reborn as New Smithfield. We commit to ensuring that its historic significance will be honoured and reflected, preserving its legacy for future generations.
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