City Corporation deposits Private Bill as part of markets relocation to Barking and Dagenham
The City of London Corporation has today (28 November) deposited a Private Bill in Parliament to mark the next milestone in a major regeneration project which will bring thousands of jobs to Barking and Dagenham.
Subject to Parliamentary consent, London’s historic markets – Billingsgate and Smithfield – will be relocated to a purpose-built site in Dagenham Dock. The City Corporation plans to invest nearly one billion pounds directly into Barking and Dagenham to regenerate 42 acres of industrial land into modern, sustainable food markets, stimulating the local economy and ensuring resilience in the food supply of London and the southeast.
The new markets will bring an estimated 2,700 new jobs to Barking and Dagenham and support 7,850 jobs across the UK – an increase of 1,140 (or 17%) on the jobs supported by Billingsgate and Smithfield currently.
The relocation will stimulate economic growth, generating around £14.5 billion in cumulative productivity benefits (Gross Value Added) for the UK economy to 2049.
Relocating Smithfield Market offers the opportunity to reinvigorate an historic part of the Square Mile, preserving and opening up the listed buildings for the public to enjoy. The site will become home to the new London Museum, alongside a complementary cultural and commercial offer.
The land at Canary Wharf that will be unlocked by relocating Billingsgate could provide around 2,000 new homes and other social infrastructure.
Chairman of the City Corporation’s Policy and Resources Committee, Chris Hayward, said:
“This is an ambitious programme with economic growth at its heart – something our country so clearly needs.
“Our investment in delivering modern, environmentally-sustainable markets in Barking and Dagenham will boost the economy across east London, supporting jobs, skills and training.
“The existing Smithfield Market site is at the heart of our vision for Destination City, where the new London Museum will showcase the capital’s rich culture and history to millions of visitors.
“Relocating our markets will help ease traffic and improve air quality in inner London, while unlocking land at Billingsgate for new housing.”
The City Corporation owns and manages three food markets - Billingsgate Market in the London Borough of Tower Hamlets, New Spitalfields Market in the London Borough of Waltham Forest and Smithfield Market in the City of London.
The City Corporation’s ambition remains to relocate New Spitalfields to Dagenham Dock alongside Billingsgate and Smithfield at a later date.
These markets, and many others across the country, are governed by legislation which means they can only be relocated with consent from Parliament.
The new markets at Dagenham Dock are expected to open between 2027-2028.
The City Corporation is the major funder of the new Museum of London, soon to be rebranded the London Museum, which will be one of Europe’s largest cultural projects.
Notes to editors:
Chetwoods for the City of London Corporation
About the City of London Corporation:
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk
About Chris Hayward
Throughout his career Chris Hayward has worked in the construction, aviation, infrastructure and global events management sectors. He is currently a Director at leading communications agency JBP, a consultant at Keltbray Limited, and Director of Hayward Properties Limited. He is a former Deputy Leader of Hertfordshire and Dorset County Councils. As Policy Chairman, he effectively operates as the political Leader of the City Corporation.