Two iconic markets in central London with 900 years of history between them are set to close amid financial strains. The operators of the site, The City of London Corporation, said Tuesday its council voted to stop operating Smithfield and Billingsgate meat and fish markets. The vote pours cold water on plans to relocate the markets to a £1b ($1.3b) development in Dagenham, East London. Rising construction costs and wider inflation put a stop to these plans. The current site was built in 1868, but it has its roots in the tenth century. The corporation said it will provide financial compensation to the traders, while it will ask Parliament Wednesday to absolve it of responsibility of the market. They want to turn Smithfield into a cultural site, while Billingsgate is expected to host housing, The Times of London reported. Trading is expected to cease after 2028, but not everyone who works there is worried. “I’ve been working here for 30 years, and it’s been about to close for 30 years,” one trader said. “So I’m taking it all with a pinch of salt.”
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