London's Smithfield and Billingsgate markets find new home in Docklands

"The proposal by the City of London Corporation the governing body that runs London's Square Mile and also operates the markets would relocate both to Albert Island. The 10-hectare (25-acre) site, close to London City airport, is owned by the Greater London Authority (GLA) and has been earmarked for regeneration. The corporation has estimated the move would generate 750m in local expenditure and would bring 2,200 jobs to the London borough of Newham, one of the most deprived in the capital."

"While the corporation owns and runs Smithfield in central London and Billingsgate near Canary Wharf in east London, their long history means they were established by acts of parliament that fix them to the existing sites. They can only be closed when parliament passes a private bill, repealing the legislation and allowing the land to be used for other purposes."

"The announcement comes just over a year after the corporation voted to permanently close Smithfield and Billingsgate when it pulled the plug on a planned 740m relocation to Dagenham, blaming rising costs. The corporation, which is exceptionally wealthy compared with typical UK local authorities, faced a backlash over the decision amid objections to plans to permanently close the ancient food markets and build on the sites."

A former industrial site in London's Docklands has been named as the proposed new home for Smithfield meat market and Billingsgate fish market. The City of London Corporation would relocate both markets to Albert Island. The 10-hectare site near London City airport is owned by the Greater London Authority and has been earmarked for regeneration. The corporation estimates the relocation would generate 750m in local expenditure and bring 2,200 jobs to the London borough of Newham. The corporation previously voted to permanently close both markets after cancelling a 740m Dagenham relocation, citing rising costs and facing public backlash. The markets were established by acts of parliament and can only be closed through a private bill.

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