The City of London Corporation confirmed that a private meeting of its Court of Common Council has formally ended its interest in relocating Smithfield and Billingsgate markets.
The corporation will provide financial support totaling over 300 million to assist market traders in relocating to new premises as their businesses face uncertainty.
Blaming a sharp rise in construction costs and inflation, members of the council decided the relocation plans were unaffordable, halting what was once thought of as a major regeneration program.
The relocation of Smithfield and Billingsgate was initially presented as a means to bring cultural offerings to the area, but plans to transform it are now uncertain.
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