London’s historic Smithfield and Billingsgate markets are set to close after 800 years of trade after a £1billion relocation plan was dropped by the City of London. The City of London Corporation, which owns and operates the centuries-old markets,

The Smithfield And Billingsgate Markets were originally due to be relocated to Dagenham, but will now close permanently.

London's historic Smithfield meat market is at risk of being closed for good at a vote in the City of London. The City of London Corporation, which owns and operates the site, has previously planned to relocate the market and Billingsgate fish market to a new £1 billion development in Dagenham.

After some 900 years, the iconic Smithfield market will close its doors in 2028 with the future of the traders uncertain

The City of London Corporation has shelved plans to relocate Smithfield and Billingsgate fish markets to a £1 billion development in Dagenham. | ITV News London

There has been a meat market on the site for more than eight centuries, but after 2028 that is set to change after a corporation vote put an end to its ownership.

Smithfield Market is located in the City of London, near the Barbican, St Paul's Cathedral and St Bartholomew's Hospital, and dates back to the 10th century

The Smithfield site is particularly historic. Meat has been traded from the same spot since the 14th century. Billingsgate boasts similar antiquity, but its ancient home near London Bridge was closed in 1982 in favour of a larger site in the Docklands.

The City Corporation had previously planned to relocate Smithfield and Billingsgate fish market to a new site in Dagenham. The corporation is recommending the market is shut down and that traders are offered compensation payments.

Smithfield meat market, near St Paul's Cathedral, and Billingsgate fish market in Canary Wharf are to be closed after the City of London Corporation voted to withdraw support for them. The Corporation said it would now work with traders to help them find alternative premises.