London’s Smithfield and Billingsgate markets to close: London’s two historic markets, Billingsgate Fish Market and Smithfield Meat Market, are going to close soon. According to the information, the business traditions of these markets which have been going on since the 11th century will end. The ‘City of London Corporation’ has introduced a bill in Parliament under which the responsibility of operating these markets will be abolished. These markets are part of London’s historical heritage and are renowned as centers of local business.
Earlier plans were made to move these markets to Dagenham in the east of London, but this plan was canceled due to inflation and huge increase in construction costs. The estimated cost of this project was approximately one billion pounds ($1.25 billion), which became difficult for the corporation to manage. Amid rising costs and economic pressures, it was decided that the markets would be closed rather than relocated.
Operation of markets will continue till 2028
The City of London Corporation has offered financial compensation and business advice to traders affected by the closure of markets. Traders have been given time to make their future plans as the operations of the markets will continue till 2028. The corporation has promised to harmonize with the traders and give priority to their interests.
Impact on London’s cultural heritage
The closure of these markets will not only end trading traditions but will also affect the cultural heritage of London. For centuries these markets have been the center of local trade, employment and cultural identity. Now it remains to be seen how corporations and traders together handle this change.
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