London: London is bidding farewell to its standing markets with historical roots dating back to the 11th century as the City of London Corporation unveils intentions to pass legislation in Parliament ending its oversight of both Billingsgate Fish Market and Smithfield Meat Market—a move that signals the conclusion of a cherished medieval trading legacy lasting close to a thousand years.
At first, the idea was to move these markets to East London’s location in 2028 as a cost-saving measure. Now they’ve decided against it due to costs caused by inflation and construction expenses on the rise.
Chris Hayward from the City of London Corporations Planning Department expressed optimism about the future of Smithfield and Billingsgate Markets following a decision. He highlighted that this move would allow traders to pursue their long-term business goals in an environment and underscored the corporation’s belief that stepping back from direct market operations would support the independent growth of these businesses.
Peter Ackroyd, in his book “London: An Autobiography,” published in 2000, states that Billingsgate’s origins date back to the century around the time William the Conqueror arrived in England, while Smithfield grew famous for trading horses and livestock by the end of the century just outside the ancient Roman wall.
These marketplaces have been celebrated in novels by Charles Dickens like “Oliver Twist” and “Great Expectations.” The historic structures of Smithfield that endured a fire in 1958 and the relocation of Billingsgate to London Docklands in 1982 have played roles in shaping both the business and cultural essence of the city.
Smithfields traders usually start their work around 10 PM to cater mostly to restaurant owners and wrap up by 6 AM as the city starts to wake up in the morning hours. Traditionally speaking, local pubs have been granted licenses permitting them to open during the hours so they can serve the needs of the market community effectively.
The historic sites won’t be abandoned due to the closure; plans include building 4 thousand homes at the Billingsgate site and transforming Smithfield into a cultural center with the addition of the new London Museum. This transformation reflects a change in the city’s scenery but also signifies the conclusion of longstanding trading customs.
Traders in London are currently grappling with choices regarding moving their businesses within the city either on their own or collectively as a group. The support package provided by the corporation is designed to facilitate this shift; however, it signifies a shift for businesses that have been established in these areas for years.
This ending doesn’t just signify the closure of two markets; it also represents the culmination of a trading era deeply embedded in London’s economic landscape for more than a millennium. Mirroring the cities adapting requirements and shifting circumstances.
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