A design of how the markets may look (Credit: Barking and Dagenham Council)
The Court of Common Council, the Corporation’s principle decision making body, voted to deposit a Private Bill in Parliament to move Billingsgate and Smithfield wholesale markets yesterday.
They will spend nearly one billion pounds regenerating a 42 acre site of industrial land for the markets.
It is estimated the move will create 2,700 new jobs in Barking and Dagenham and support 7,850 jobs across the UK. That is an increase of 1,140 on the jobs supported by Billingsgate and Smithfield currently.
The City Corporation said it still intends to move New Spitalfields to the same site at a later date.
“This is a major milestone in an ambitious programme with economic growth at its heart – something our country so clearly needs,” said the chairman of the City Corporation’s Policy and Resources Committee, Chris Hayward.
“Our investment in delivering modern, environmentally-sustainable wholesale markets in Barking and Dagenham will boost the economy across east London, supporting jobs, skills and training.”
Around 2,000 new homes will be built on the land at Canary Wharf where Billingsgate is currently located. The new London Museum is also going to be developed at the Smithfield Market site in the City of London.
The leader of Barking and Dagenham Council, Darren Rodwell, said: “I’m delighted we’ve reached this next milestone for the relocation of the world-famous wholesale markets to the borough.
“London is moving east, delivering huge opportunities, like this, for new jobs and hundreds of millions of pounds of investment into the local economy.
“I’m excited by plans we are working on with stakeholders for a new Good Food Economy Partnership to unlock the full opportunities from the food sector for local residents and businesses.
“This includes a pipeline for local talent with tailored training opportunities, apprenticeships and new business start-up opportunities alongside an improved and healthy food offer.”
The new market at Dagenham Dock is expected to open between 2027 and 2028.
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