The City of London Corporation's decision to cease operating Billingsgate Market marks a significant shift, reflecting their strategic redirection away from wholesale food markets, yet traders will continue their operations until 2028.
Deputy Chris Hayward, the chair of policy and resources, noted that the decision to withdraw from Billingsgate and Smithfield is a 'positive new chapter' for the markets, emphasizing the support being provided to traders during this transition.
Despite plans to relocate to a new facility in Dagenham and a commitment of nearly 1 billion in investment, the project faced challenges, leading to the eventual pause of what was termed Option 10b, impacting the future of the markets.
The City Corporation's plans will soon require a Private Bill presented to Parliament, expected to be a mere formality, allowing for the official withdrawal from managing Billingsgate and Smithfields Markets with compensation to traders.
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